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Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB and Other Tokens

Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB and Other Tokens

Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB and Other Tokens

Binance tapped into its Industry Recovery Initiative funds to cover the move.

Binance tapped into its Industry Recovery Initiative funds to cover the move.

Binance tapped into its Industry Recovery Initiative funds to cover the move.

By Shaurya Malwa
AccessTimeIconMar 13, 2023, 7:43 AM
Updated Mar 13, 2023, 5:16 PM
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Crypto exchange Binance said it will convert $1 billion worth of Binance USD (BUSD) to bitcoin (BTC), ether (ETH), BNB coin (BNB) and other tokens to support the market.

The transaction from Binance’s industry fund to BUSD took 5 seconds and cost merely $1.29, Binance CEO Changpeng Zhao said in a tweet on Monday.

The move likely contributed to buying pressure. Bitcoin jumped over $22,500 in Asian hours on Monday while ether regained the $1,600 market. BNB rose over 10% to trade over $300, setting two-week highs, per CoinGecko data.

The move came as the crypto market suffered another blow in early Asian hours as U.S. regulators shut down the crypto-friendly Signature Bank, adding further stress to the market.

Early last week regulators shut down Silvergate Bank, followed by the collapse of Silicon Valley Bank on Friday night – causing markets to go haywire over the weekend as investors rushed to protect their capital.

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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

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