Despite the recent significant downturn in the cryptocurrency market, the world’s leading cryptocurrency exchange Binance continues to purchase large amounts of Bitcoin in an effort to expand its user protection services.
Following a post providing an update on Binance’s SAFU fund asset conversion, the exchange’s founder and former CEO Changpeng Chao (CZ) publicly stated: recognized Exchanges are continuously converting SAFU reserves from stablecoins to Bitcoin.
The exchange had specifically announced plans to fully convert its stablecoin holdings to Bitcoin within a month, and Binance CZ says the plan was completed in perfect time.
Binance adds 3,600 $BTC to SAFU reserve
Binance’s CZ made the post in response to a viral tweet confirming that Binance recently completed a purchase of 3,600 $BTC For the SAFU Foundation.
As such, the exchange has successfully converted approximately $250 million worth of stablecoins into stablecoins. Bitcoin. Therefore, the SAFU Bitcoin wallet holds a total of 6,230 Bitcoins. $BTC As of Saturday, February 7th.
Additionally, Binance stated that the migration process is still ongoing and aims to be fully completed within 30 days of the initial announcement. As such, it takes exchanges less than a month to complete the transition from stablecoins to Bitcoin.
Notably, the exchange further emphasized that it will continue to acquire Bitcoin for the SAFU Fund and will provide regular updates to the community as progress progresses.
Binance buys Bitcoin plunge
This move caused Binance to double down on the asset’s decline as the exchange initiated the Bitcoin conversion move for the SAFU fund at a time when the asset was trading in deep red territory.
Bitcoin retested $60,000 during the recent market crash, but its downward trend Binance Opportunity to further expand your SAFU Bitcoin wallet $BTC I bought it at a cheap price.