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In response to the most recent turmoil surrounding the USDC stablecoin, Binance, the world’s largest crypto exchange based on trading volume, converted the Binance CEO Changpeng Zhao has announced that Binance will convert the remainder of its $1 billion Industry Recovery Initiative funds from BUSD to native Binance has made the decision to convert $1 billion of its money for the Industry Recovery Initiative from Binance USD Coin (BUSD) to Bitcoin (BTC), Ethereum (ETH), and Binance Amid the bank and stablecoin crisis, Binance CEO “CZ” took to Twitter to announce that Binance is converting the remaining $1 billion Industry Recovery Initiative funds Binance has converted the remainder of its $1 billion industry recovery funds to native crypto assets including BTC, BNB, and ETH. “Given the changes in stable coins and banks, Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto With the failure of crypto-friendly institutions and the depeg events of stablecoins, Binance CEO Changpeng Zhao said on Monday that the exchange will move the

Binance Revamps $1B Industry Recovery Fund to BTC, ETH, BNB: What You Need to Know

Binance, the world’s largest crypto exchange based on trading volume, has made a significant shift in its approach to supporting the crypto industry. In response to the most recent turmoil surrounding the USDC stablecoin, Binance CEO Changpeng Zhao announced a crucial decision: Binance has converted the remainder of its $1 billion Industry Recovery Initiative funds from BUSD to native crypto assets. This strategic move, detailed in CZ's Twitter announcement, aims to bolster the industry amidst ongoing bank and stablecoin crises.

Why the Shift? BUSD to BTC, ETH, and BNB

The decision to convert $1 billion of its money for the Industry Recovery Initiative from Binance USD Coin (BUSD) to Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) reflects a proactive response to evolving market conditions. With the failure of crypto-friendly institutions and the depeg events of stablecoins, Binance seeks to reinforce its commitment to a more resilient and decentralized crypto ecosystem.

“Given the changes in stable coins and banks, Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto,” stated Binance. This conversion signals confidence in the long-term potential of established cryptocurrencies like BTC, ETH, and BNB, offering a potentially more stable and secure foundation for industry recovery initiatives.

Impact on the Crypto Industry

Binance has converted the remainder of its $1 billion industry recovery funds to native crypto assets including BTC, BNB, and ETH. This revamp of the Industry Recovery Initiative is intended to provide crucial support to promising projects and companies facing liquidity challenges during these volatile times. By allocating these funds to established cryptocurrencies, Binance aims to foster greater stability and confidence within the broader crypto market.

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