@amdavis
Binance has added another $300 million worth of Bitcoin to its user protection fund.
The exchange confirmed the purchase of 4,225 BTC, bringing the total holdings of its SAFU (Secure Asset Fund for Users) to 10,455 BTC.
This move is part of Binance’s plan, announced on January 29, to convert $1 billion in stablecoin reserves into Bitcoin over a 30-day period. The initiative also includes safeguards to ensure the fund’s value doesn’t drop below $800 million.
The large-scale acquisition took place during a tense week for the crypto market - Bitcoin’s price briefly dipped but bounced back above $70,000 by the weekend.
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