Binance purchased another 1,315 BTC for its SAFU fund this week.
The acquisition is part of a plan to turn its stablecoin reserves worth up to $1 billion into Bitcoin.
One of the world’s biggest crypto exchanges, Binance, has made additions to its Secure Asset Fund for Users (SAFU) by acquiring 1,315 BTC worth $100 million, according to Arkham data. This is the second acquisition of Bitcoin by Binance as part of its plan to turn up to $1 billion worth of its stablecoin reserves in the SAFU fund into Bitcoin within 30 days.
The SAFU fund is an emergency fund that was established to protect users against extreme hacks or platform failures. The fund was established by allocating a portion of the trading fees to it. SAFU has always maintained stablecoin reserves to ensure liquidity. Now, Binance has announced its intention to turn these reserves into Bitcoin. This will be a significant component of the reserve to protect users.
Second BTC Purchase Boosts SAFU Reserves
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