“Binance Industrial Recovery Fund” comes in handy! 980 million BUSD to buy all BTC, ETH, BNB

Two cryptocurrency-friendly banks have collapsed one after another, and Binance has resolutely taken on the task of “savior”? CEO Changpeng Zhao (CZ) announced major news on Twitter earlier, saying that Binance will invest all the remaining funds in the “US$1 billion Industrial Recovery Fund” to buy Bitcoin, Ethereum, and Binance Coin.

Zhao Changpeng pointed out that this move is based on the consideration of the stable currency market and the banking industry, and said that this is a way to store funds in safe assets.

Binance announced the establishment of a $1 billion industry recovery fund in November last year, initially for the acquisition of non-performing assets in the cryptocurrency field to prevent the negative impact of FTX’s bankruptcy from continuing to spread.

On-chain data shows that not long after Zhao Changpeng posted, more than 980 million BUSD were transferred from the Binance Industry Recovery Fund to Binance. Changpeng Zhao revealed in a follow-up post,

The transaction took just 15 seconds and cost $1.29. Imagine if, under normal circumstances, $980 million could be moved through one bank before the banks open on Monday?

According to CoinGecko data, Bitcoin rebounded strongly today, rising more than 10% to $22,595 at one point; Ethereum also experienced similar gains, returning to $1,600; Binance Coin also rose more than 10%, trading at more than $300, a record two-week high. new highs.