It seems that Binance is about to buy $1 billion in Bitcoin. Check out the latest reports about this below.
Binance to buy more BTC
Crypto giant Binance says it’s converting $1 billion of its dollar-pegged stablecoin BUSD into Bitcoin, Binance Coin and Ethereum.
“Binance CEO Changpeng Zhao says this represents the remainder of the company’s industry recovery fund, which is designed to support struggling players in the industry after the collapse of FTX,” as the online pubcalition the Daily Hodl notes.
Zhao points to inherent issues with fiat-backed stablecoins as the reason for the billion-dollar swap.
“Given the changes in stablecoins and banks, Binance will convert the remainder of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH.
Some fund movements will occur on-chain. Transparency.”
Stablecoins have once again been in the spotlight after the recent depeg of Circle’s USD Coin (USDC).
The latest news in the crypto space
According to the latest reports, the Silicon Valley Bank employees received their annual bonuses Friday just hours before regulators seized the failing bank, according to people with knowledge of the payments.
The payments were for work done in 2022 and had been in process days before the bank’s collapse, these people said. Check out the latest about all this.
CNBC notes the fact that The Santa Clara, California-based bank has historically paid employee bonuses on the second Friday of March, said the people, who declined to be identified, speaking about the awards.
The payments were for work done in 2022 and had been in process days before the bank’s collapse, the sources said.
“This year, bonus day happened to fall on SVB’s final day of independence. The institution, in the throes of a bank run triggered by panicked venture capital investors and startup founders, was seized by the Federal Deposit Insurance Corporation (FDIC) around midday Friday,” CNBC said.
On Friday, SVB CEO Greg Becker addressed workers in a two-minute video in which he said that he no longer made decisions at the 40-year-old bank, according to the people.