The $1 billion Secure Asset Fund for Users (SAFU) has been fully converted to bitcoin by Binance. The fund’s final value at completion was 15,000 BTC, or a little more than $1 billion, after the exchange bought an extra 4,545 BTC.
SAFU, which was initially supported by a variety of stablecoins and other assets, was developed to shield consumers from hackers and unanticipated losses. The reserve is now entirely denominated in bitcoin under the new arrangement. Additionally, Binance promised to replenish the fund in the event that market volatility causes its value to fall below $800 million.
The action is part of a larger trend where businesses are using bitcoin as a long-term reserve asset. According to Binance, the ruling demonstrates its faith in Bitcoin’s ability to serve as a store of value, particularly in times of uncertainty.
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