CZ: $1 Billion Industry Recovery Fund to be exchanged for $BTC, $ETH and $BNB

CZ tweeted that Binance will convert the remaining $1 billion of Industry Recovery Program funds from $BUSD to native cryptocurrencies, including $BTC, $BNB and $ETH, in light of changes to stablecoins and banks. Some of the movement of funds will occur on-chain to ensure transparency.

Whale Alert monitors data showing that 985,088,975 $BUSD (approximately $981,641,163) have been transferred from the Industry Recovery Fund to Binance exchange.

The Industry Recovery Fund is a fund established by Binance to support companies and projects that are facing significant short-term financial difficulties. Binance has committed $1 billion in funding to the fund, which can be increased to $2 billion if necessary. The Industry Recovery Fund is funded by the Binance exchange's own revenue.

TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.