Binance Transfers $1B from BUSD to Bitcoin and Ether

Binance has announced its intention to convert $1 billion of its Industry Recovery Initiative fund assets into Bitcoin, Ether and BNB.

This fund was created in November 2020 in response to a crash in the crypto market, and has been backed by many crypto companies, including Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group.

According to Binance CEO Changpeng Zhao, the decision to convert the assets was made due to the increased pressure on the stablecoin market. He has explained:

“Given the changes that have affected crypto projects, the banking sector and stablecoins, the exchange decided to convert $1 billion of IRI fund assets into Bitcoin, Ether and BNB.”