Binance buys dip with first $100M Bitcoin purchase from $1B SAFU fund
Binance has kicked off its $1 billion SAFU conversion into Bitcoin with a $100 million purchase, shifting its user protection fund out of stablecoins and into BTC.
Crypto exchange Binance has bought its first 1,315 Bitcoin as part of its conversion plan for the Secure Asset Fund for Users (SAFU).
The Bitcoin (BTC), worth $101 million, was bought for an average price of $77,409.89 per coin, according to data from Blockchain.com. Binance says it expects to shift the rest of SAFU’s $1B from stablecoins to Bitcoin within the next 27 days.
A Binance spokesperson told Cointelegraph on Friday that the SAFU fund will continue to be used as a backstop for users in the event of extreme incidents or losses.