"Maybe Binance wants to help people in trouble?"
Following the collapse of the cryptocurrency-friendly bank and stablecoin depeg issue, Binance CEO Changpeng Zhao (CZ) intends to convert his company's remaining funds to Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) as part of the Recovery Initiative Industry (IRI).
In context, Binance launched IRI in November last year to help crypto projects facing a liquidity crisis after the fall of FTX.
Through its Twitter account, Binance announced that they are in the process of converting the remaining $1 billion of IRI funds in Binance USD (BUSD) to the mentioned crypto.
The company started exchanging BUSD via Uniswap on March 13 and also reported 985 million BUSD worth $981 million transferred from Binance IRI to Binance.
After the collapse of Silvergate Bank and Silicon Valley Bank, Signature Bank, which was shut down by New York state regulators, has been the cause of CZ's view that most parties want to gradually reduce crypto-friendly banks.
It is well known that Binance last Saturday stopped the BUSD Auto-Conversion policy that it introduced in September last year.
Even so, CZ said Binance will now support multiple stablecoins such as Tether (USDT), Union Solidarity and Development Party (USDP) and TrueUSD (TUSD) while users can exchange BUSD to other stablecoins until March 18.
As of this writing, the price of BTC managed to jump by 8.69% at $22,254 in the last 24 hours while ETH and BNB climbed 8.27% and 9.75% to reach the $1,595 and $304 zones respectively.
