CZ binance

CZ Coverts $1B in BUSD to Bitcoin, BNB and Eth

CryptocurrencyNews
··1 min read

Earlier today, Binance CEO Changpeng Zhao, also known as CZ, announced that the exchange would convert $1 billion worth of funds in its Industry Recovery Initiative (IRI) to “native crypto”, including Bitcoin, BNB, and Ethereum, due to “changes in stablecoins and banks”.

The IRI was launched by Binance in November 2022 to provide assistance to crypto projects facing a liquidity crisis. The initiative was announced after the collapse of rival crypto exchange FTX.

This pivot from stablecoins to more volatile crypto assets comes after the recent failure of Silvergate, Silicon Valley Bank (SVB), and Signature as well as the de-pegging of USDC. USDC plunged under 90c over the weekend, after issuer Circle revealed it had approximately 3.3 billion of reserves in SVB.

Will CZ’s bet pay off in the long term?

  • bitcoinBitcoin (BTC) $ 60,825.00 3.11%
  • ethereumEthereum (ETH) $ 2,915.88 3.66%
  • tetherTether (USDT) $ 0.999646 0.03%
  • bnbBNB (BNB) $ 584.03 1.64%
  • solanaSolana (SOL) $ 145.15 5.03%
  • usd-coinUSDC (USDC) $ 0.999948 0.01%
  • xrpXRP (XRP) $ 0.504386 2.51%
  • staked-etherLido Staked Ether (STETH) $ 2,915.26 3.72%
  • the-open-networkToncoin (TON) $ 6.91 4.01%
  • dogecoinDogecoin (DOGE) $ 0.144211 4.35%
  • cardanoCardano (ADA) $ 0.445790 3.99%
  • shiba-inuShiba Inu (SHIB) $ 0.000023 3.53%
  • avalanche-2Avalanche (AVAX) $ 33.59 5.59%
  • tronTRON (TRX) $ 0.126599 0.06%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 60,822.00 2.98%
  • polkadotPolkadot (DOT) $ 6.75 4.5%
  • bitcoin-cashBitcoin Cash (BCH) $ 430.18 4.85%
  • chainlinkChainlink (LINK) $ 13.60 4.57%
  • nearNEAR Protocol (NEAR) $ 7.23 2.62%
  • matic-networkPolygon (MATIC) $ 0.681008 2.25%
  • litecoinLitecoin (LTC) $ 80.25 3.4%
  • fetch-aiFetch.ai (FET) $ 2.21 3.62%
  • internet-computerInternet Computer (ICP) $ 11.92 3.16%
  • leo-tokenLEO Token (LEO) $ 5.90 0.04%
  • daiDai (DAI) $ 0.997917 0.21%
  • uniswapUniswap (UNI) $ 7.12 4.84%
  • render-tokenRender (RNDR) $ 10.82 2.39%
  • ethereum-classicEthereum Classic (ETC) $ 26.53 3.64%
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.999647 0.01%
  • hedera-hashgraphHedera (HBAR) $ 0.106374 2.95%
  • pepePepe (PEPE) $ 0.000009 0.79%
  • aptosAptos (APT) $ 8.44 4.17%
  • cosmosCosmos Hub (ATOM) $ 8.64 4.88%
  • crypto-com-chainCronos (CRO) $ 0.124881 1.19%
  • mantleMantle (MNT) $ 1.01 2.86%
  • immutable-xImmutable (IMX) $ 2.15 3.69%
  • filecoinFilecoin (FIL) $ 5.64 4.72%
  • wrapped-eethWrapped eETH (WEETH) $ 3,025.62 3.6%
  • stellarStellar (XLM) $ 0.106737 1.77%
  • kaspaKaspa (KAS) $ 0.128471 0.97%
  • dogwifcoindogwifhat (WIF) $ 3.02 4.21%
  • okbOKB (OKB) $ 49.65 1.46%
  • blockstackStacks (STX) $ 2.00 4.59%
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,869.38 3.58%
  • the-graphThe Graph (GRT) $ 0.294718 1.97%
  • optimismOptimism (OP) $ 2.55 3.89%
  • arweaveArweave (AR) $ 40.66 3.08%
  • arbitrumArbitrum (ARB) $ 0.999522 3.92%
  • bittensorBittensor (TAO) $ 376.55 4.44%
  • vechainVeChain (VET) $ 0.034903 2.63%

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