Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
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Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
The exchange has pledged to replenish the fund to $1 billion if bitcoin price swings cause its value to fall below $800 million.
Binance framed the change as part of its long-term industry-building efforts.
Top cryptocurrency exchange $BTC Binance announced said Friday that it shall switch the stablecoin in its $1 billion emergency user protection fund to $BITCOIN
bitcoin over the next 30 days.
The move targets the Secure asset Fund for Users (SAFU), which is a security fund created to protect users from losses due to unforeseen events such as hacks. The exchangeof $BNB
plans to gradually convert the stablecoin holdings within 30 days, committing to regular audits.
It added that if bitcoin's price swings drop the fund's value below $800 million, the exchange will top it back up to $1 billion.