Binance, the world’s largest cryptocurrency exchange, has recently converted the remainder of its $1 billion Industry Recovery Initiative funds to native cryptocurrencies such as Bitcoin, Binance Coin, and Ethereum.
The move was announced by Binance CEO Changpeng Zhao, who tweeted the address for transparency purposes.
The decision to convert the funds was made due to the recent changes in the stablecoin market and the banking industry. Zhao also stated that it was a way to keep the funds safe in a secure asset.
While many in the crypto community have supported the move, some have questioned why more assets weren’t considered.
However, given the current state of the market and the recent turbulence caused by the Silvergate closure and broader market turmoil, the decision to invest in well-established cryptocurrencies appears to be a wise move.
Despite the uncertain times facing the crypto market, there are signs of hope. Over the past 24 hours, Bitcoin has risen by over 9%, suggesting that the market may be starting to recover.
However, there is still much uncertainty, and it remains to be seen whether the market can break through resistance levels. Nonetheless, the fact that the market is holding well above $20,000 is a positive sign.