'Perfecting Timing Too,' Binance's CZ Acknowledges Stablecoin to Bitcoin SAFU Funds Plan

utoday

Feb 07

Despite the recent heavy downturn in the crypto market, the world’s leading cryptocurrency exchange Binance has continued to purchase Bitcoin in large quantities amid efforts to expand its user ...

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Thus, the SAFU Bitcoin wallet now holds a total of 6,230 BTC as of Saturday, Feb. 7.Furthermore, Binance stated that the conversion process is still underway and it aims to be fully completed within 30 days of the original announcement. As such, the exchange has less than a month to complete its stablecoin to Bitcoin transitioning.Notably, the exchange further stressed that it will continue acquiring Bitcoin for the SAFU fund and provide regular updates to the community as progress continues.Binance buys Bitcoin's dipThe move has seen Binance double down on the asset’s dip as the exchange kick-started its SAFU fund Bitcoin conversion move when the asset was trading in the deep red territory.While Bitcoin had recently retested $60,000 during the recent market crash, its downtrend has given Binance the opportunity to expand its SAFU Bitcoin wallet with more BTC purchased at cheaper prices.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}