Binance Tops up SAFU Insurance Fund to $1B

Binance Tops up SAFU Insurance Fund to $1B

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Jonathan
Jonathan

An editor at Coincrop


09 Nov 2022 | 2 min read
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H

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.


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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