Binance CEO Changpeng "CZ" Zhao stated on Monday that due to the collapse of cryptocurrency friendly banks and stable currency depeg events, Binance will convert the remaining funds from the industry recovery plan into Bitcoin (BTC), BNB, and Ethereum (ETH).During the banking and stable currency crisis, the CEO of Coin An, "CZ," announced on Twitter that Coin An is converting the remaining $1 billion in industry recovery plan funds from BUSD to native cryptocurrencies, including Bitcoin, BNB, and ETH
Binance CEO Changpeng "CZ" Zhao stated on Monday that due to the collapse of cryptocurrency friendly banks and stable currency depeg events, Binance will convert the remaining funds from the industry recovery plan into Bitcoin (BTC), BNB, and Ethereum (ETH).
During the banking and stable currency crisis, the CEO of Coin An, "CZ," announced on Twitter that Coin An is converting the remaining $1 billion in industry recovery plan funds from BUSD to native cryptocurrencies, including Bitcoin, BNB, and ETH.
According to Etherscan data, the wallets linked to Bianance's IndustryRecoveryInitiative are 985088975.25BUSSD, valued at $979867018.59. The value difference is due to the decoupling of many stable currencies in the event of cryptocurrency friendly bank failures.
According to the transaction details, Coin An initiated BUSD conversion through Uniswap on March 13th at 05:31:47 am World Standard Time. WhaleAlert also reported the transfer of 985088975BUSSD ($981641163) from Binance RecoveryFund to Binance.
After the collapse of Silvergate Bank and SiliconValleyBank, SignatureBank was closed by New York State regulatory authorities. The CEO of Coin Security stated that this seems to be a coordinated effort to close cryptocurrency friendly banks.
It is worth noting that Coin On Saturday terminated the automatic conversion policy of Coin On USD (BUSD) launched in September last year. The CEO of Coin An, "CZ," stated that Coin An will now support multiple stable currencies, including USDT, USDP, and TUSD. Users can convert their BUSD to other stable currencies before 06:00 am on March 18th, World Standard Time
Bitcoin, BNB, and Ethereum prices have risen by 9%, 9%, and 8% respectively. The BTC price is $22463, with a 24-hour high of $22728. Meanwhile, the BNB price and Ethereum price are $305 and $1606 respectively.
After the news spread, prices rose, and the global cryptocurrency market surged by 7% in the past 24 hours, with a market value exceeding $1 trillion
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