Binance CEO’s Risky Bet: $1 Billion Rescue Fund Crashes
In the wake of FTX’s collapse, the crypto industry was plunged. Prices plummeted, investors scrambled to cut their losses, and startup funding evaporated. Amid the chaos, the spotlight turned to Changpeng Zhao, the founder of Binance, as the last remaining tycoon in the crypto world after the swift fall of Sam Bankman-Fried. With a grand […]
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Binance has announced one of its trademark features, the SAFU fund, has reached a milestone in its development. The SAFU fund, an acronym that stands for “Secure Asset Fund for Users,” has reached the amount of one billion dollars, securing the funds of users in case of a hacking emergency. The exchange, which is one of the pioneers in the establishment of such structures, invited other exchanges to also take similar measures.
SAFU Reaches $1B, Transparency Highlighted
Binance, the leading exchange in volume traded, has announced a milestone regarding its SAFU fund.....
Crypto exchange Binance has launched a $1 billion fund which it calls “the biggest funding program of its kind in the whole cryptocurrency industry.” The company aims for the fund to “push the adoption” of the Binance Smart Chain and “the whole blockchain industry.”
Binance Launches ‘the World’s Largest Crypto Accelerator’
Cryptocurrency exchange Binance announced Tuesday the launch of a $1 billion Binance Smart Chain (BSC) Fund. The announcement states:
Binance announces the biggest funding program of its kind....
Crypto exchange giant Binance has demonstrated once more why it’s amongst the giants of the industry, the company has announced the launch of a $1 billion “Growth Fund”. Targeted at their Binance Smart Chain (BSC), the fund will aid this ecosystem to “push the adoption” of the blockchain industry. Launch in 2020, Binance Smart Chain […]
Securitize and Binance have jointly announced on Friday that the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) will now be accepted as off-exchange collateral for trading on Binance. BlackRock’s BUIDL Gains Momentum Fortune reported that the collaboration with Binance is expected to boost the popularity of BUIDL, a token launched by the world’s largest asset […]
Binance CEO CZ took to Twitter to assure users that the crypto exchange's insurance funds have been topped off at $1 billion as the debacle with FTX rages on. As the liquidity crisis and acquisition of cryptocurrency exchange FTX continues, Binance CEO Changpeng “CZ” Zhao assured his community of insurance of sufficient funds backing the network. In a tweet on Nov. 9, CZ said that the exchange has once again topped its Secure Asset Fund for Users (SAFU) at $1 billion equivalent in light of “recent price fluctuations.”To adjust to recent price fluctuations, #Binance has topped up the #SAFU....