The purchase of USD 1,000 million of bitcoin by Binance has begun
Binance, the largest cryptocurrency exchange in the world, will take these bitcoins to its security fund.
The move comes amid a FUD campaign against Binance and its founder.
The first transaction was for 1,315 bitcoins (BTC).
The bitcoin (BTC) and cryptocurrency exchange Binance started the transfer of BTC to its Secure Asset Fund for Users (SAFU, as it is known in English). This is with the aim of consolidating a reserve of 1,000 million dollars entirely denominated in digital currency.
This technical maneuver, which already recorded an initial movement of 1,315 BTC valued at 100 million dollars to the fund's addresses, seeks to strengthen customer protection infrastructure against potential security incidents or systemic failures.
The company detailed that this process will not stop at the initial transfer. "We continue acquiring bitcoin for the SAFU fund, with the aim of completing the fund's conversion within 30 days of our original announcement," reported the largest exchange in the world.
On-chain data shows that the transfer of the funds was made from a wallet labeled as Binance to an address associated with the SAFU fund, as seen below.
This initiative implies constant monitoring of bitcoin's volatility. If, for example, the market value of the fund falls below 800 million dollars due to fluctuations in the price of bitcoin, Binance will rebalance it to restore its value to 1,000 million dollars.