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Binance Buys $235 Million Worth of Bitcoin for SAFU Fund


by Peter Mwangi
for CoinEdition
Binance Buys $235 Million Worth of Bitcoin for SAFU Fund

Share:

  • Binance bought $235 million in Bitcoin as part of its planned $1 billion SAFU fund conversion.
  • The exchange completed a second $100 million stablecoin-to-Bitcoin conversion tranche this week.
  • SAFU fund changes follow insolvency rumors, which Binance and Changpeng Zhao have denied.

Binance has purchased another $235 million worth of Bitcoin for its Secure Asset Fund for Users (SAFU), advancing its plan to convert $1 billion of the fund’s reserves from stablecoins into BTC.

This follows a previous purchase on Wednesday, Binance confirmed that it had acquired an additional 1,315 BTC for the SAFU Fund. According to on-chain data from Arkham, the transfer occurred on February 4 and was valued at approximately $100.42 million at the time of execution. The exchange stated that the transaction completed another phase of its stablecoin-to-Bitcoin conversion process.

Read The Full Article Binance Buys $235 Million Worth of Bitcoin for SAFU Fund On Coin Edition.

Read the article at CoinEdition

In This News

Coins

$ 69.40K

-0.31%

$ 0.0000311

$ 0.00264

$ 0.0000394

-14.8%

Funds

Share:

In This News

Coins

$ 69.40K

-0.31%

$ 0.0000311

$ 0.00264

$ 0.0000394

-14.8%

Funds

Share:

Read More

Binance Adds BTC to SAFU Fund, Gets Praise from Founder CZ

Binance Adds BTC to SAFU Fund, Gets Praise from Founder CZ

Binance has added more bitcoins to its SAFU Fund. The move comes at a time when BTC p...
Crypto Sell-Off Triggers Temporary Withdrawal Halts on Binance and Bybit

Crypto Sell-Off Triggers Temporary Withdrawal Halts on Binance and Bybit

Binance and Bybit have been said to have frozen withdrawals as a crypto sell-off cont...

Binance Buys $235 Million Worth of Bitcoin for SAFU Fund


by Peter Mwangi
for CoinEdition
Binance Buys $235 Million Worth of Bitcoin for SAFU Fund

Share:

  • Binance bought $235 million in Bitcoin as part of its planned $1 billion SAFU fund conversion.
  • The exchange completed a second $100 million stablecoin-to-Bitcoin conversion tranche this week.
  • SAFU fund changes follow insolvency rumors, which Binance and Changpeng Zhao have denied.

Binance has purchased another $235 million worth of Bitcoin for its Secure Asset Fund for Users (SAFU), advancing its plan to convert $1 billion of the fund’s reserves from stablecoins into BTC.

This follows a previous purchase on Wednesday, Binance confirmed that it had acquired an additional 1,315 BTC for the SAFU Fund. According to on-chain data from Arkham, the transfer occurred on February 4 and was valued at approximately $100.42 million at the time of execution. The exchange stated that the transaction completed another phase of its stablecoin-to-Bitcoin conversion process.

Read The Full Article Binance Buys $235 Million Worth of Bitcoin for SAFU Fund On Coin Edition.

Read the article at CoinEdition

In This News

Coins

$ 69.40K

-0.31%

$ 0.0000311

$ 0.00264

$ 0.0000394

-14.8%

Funds

Share:

In This News

Coins

$ 69.40K

-0.31%

$ 0.0000311

$ 0.00264

$ 0.0000394

-14.8%

Funds

Share:

Read More

Binance Adds BTC to SAFU Fund, Gets Praise from Founder CZ

Binance Adds BTC to SAFU Fund, Gets Praise from Founder CZ

Binance has added more bitcoins to its SAFU Fund. The move comes at a time when BTC p...
Crypto Sell-Off Triggers Temporary Withdrawal Halts on Binance and Bybit

Crypto Sell-Off Triggers Temporary Withdrawal Halts on Binance and Bybit

Binance and Bybit have been said to have frozen withdrawals as a crypto sell-off cont...