BNB Pumps As Binance CEO Announces To Convert $1B BUSD To BNB

Binance CEO Announces To Convert $1B Recovery Fund To BNB

March 13, 2023 Story - Jai Pratap

Binance CEO Chengpeng Zhao has not missed the opportunity to highlight the fragility of banks amid the ongoing meltdown of American banks.

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In a recent tweet, CZ announced that given the situation of stablecoins and banks, Binance has decided to transfer out $1 billion Industry Recovery Fund from BUSD.

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The $1 billion Industry Recovery Initiative funds in BUSD will be converted to native crypto, including BTC, BNB, and ETH, CZ announced.

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The recovery fund was announced after the FTX collapse spread through the industry, affecting several companies.

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The recovery fund aims to help out smaller businesses in the industry that got wrecked by FTX contagion.

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At the time of writing, BNB is up nearly 9% in the last 24 hrs, trading at $304.

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With three major US banks collapsing, the domino effect has spiraled into the crypto market.

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