Binance Tops up SAFU Insurance Fund to $1B
Share this article
An editor at Coincrop
09 Nov 2022 | 2 min read
uge infusions of cash were made to binance token-related addresses, with over $700 million in different tokens being deposited. A separate bitcoin address was also funded with a whopping $300 million.
The founder of Binance, Changpeng Zhao, better known as CZ, confirmed in a tweet this morning that the company has increased its Secure Asset Fund for Users (SAFU) to $1 billion.
"To adjust to recent price fluctuations, #Binance has topped up the #SAFU insurance fund to $1 billion USD equivalent again," Zhao tweeted.
SAFU is an insurance fund that was set up by Binance in July 2018 as a way to protect users' funds. The size of the fund varies according to market conditions, and it is made up of three different types of cryptocurrency: BNB, BUSD, and BTC.
Cryptocurrency prices yo-yoed in the past 24 hours due to market speculation surrounding world renowned exchange FTX's possible liquidity issues.
Sam Bankman-Fried's owned crypto exchange caused so much speculation that the firm had to agree to sell itself to Binance, this led traders to panic.
CoinLoan combine the best of traditional and novel finance helping you borrow, swap and grow your assets.
Compare over 45,535 CeFi and DeFi products across more than 191 organizations here