Binance moves to convert the remainder of its $1 billion Industry Recovery Initiative funds to native cryptocurrencies. This time, the converted assets include Bitcoin, Binance Coin, and Ethereum.
The decision to switch from BUSD stablecoin to native cryptocurrencies was announced by Binance CEO Changpeng Zhao. In his tweet, he shared the address to provide some transparency on the matter.
According to Zhao, the move was prompted by the recent upheavals in the stablecoin market and banks.
Many experts believe that converting the funds to native cryptocurrencies like Bitcoin, Binance Coin, and Ethereum is a smart move.
These cryptocurrencies are considered safe assets and have a proven track record of holding their value during times of market volatility. Moreover, this move aligns with Binance’s goal to offer its users more options to trade, invest and grow their wealth.
While the majority of the crypto community supported the move, some have questioned why more assets weren’t considered. However, given the current market volatility and uncertainties, it’s crucial to invest in safe and reliable assets.
The past few weeks have seen a significant drop in the crypto market, which has led to many investors losing money. However, the market seems to have stabilized, with Bitcoin rising by over 9% in the past 24 hours.
Despite this positive news, it’s still an uncertain time for the crypto market. There are no clear signs as to whether it can break resistance levels. However, one thing is certain: the market seems to hold well above $20,000, which is good news for investors.
With Binance’s latest move to convert its funds to native cryptocurrencies, investors can expect more stability and security in their investments.
