Binance CEO Changpeng Zhao announced on Twitter that Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds to buy some cryptocurrencies as the crypto market is affected by fluctuations of stablecoins and banks.
The collapse of the FTX exchange and Alameda Trading had a domino effect in crypto lenders, institutions and exchanges. The Industry Recovery Initiative fund was established by Binance at the end of November 2022, to support projects that suffered damage from the liquidity crisis caused by FTX-Alameda. Previously, Binance acquired a majority stake in South Korean crypto exchange Gopax as part of its Industry Recovery Initiative fund.
The wallet address of this fund is currently holding more than 980 million USD in the form of BUSD and it will be converted to BTC, BNB and ETH. The fund movements will occur on-chain and transparency.
Whale Amert then revealed that there were 985,088,975 BUSD (worth 981,641,163 USD) transferred from Binance Recovery Fund to Binance exchange. The price of BNB has skyrocketed 8% since the announcement was made.