14.03.2023
Glory Faleke
Contributor
14.03.2023

Binance converts BUSD to native crypto assets

Binance converts BUSD to native crypto assets Binance converts BUSD to native crypto assets

Binance, a cryptocurrency exchange, has converted its Industry Recovery Initiative stablecoins into native crypto assets.

"Given the changes in stable coins and banks, Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB and ETH. Some fund movements will occur on-chain. Transparency," wrote Binance CEO Changpeng Zhao on Twitter.

Changpeng Zhao confirmed on his social media page that the transaction only took 5 seconds and was worth $1.29.

This decision aided the growth of the major cryptocurrencies, whose prices increased by 8% in the last 24 hours.

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