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 protection services.
Following a post providing an update on Binance’s SAFU fund asset conversion, the exchange’s founder and former CEO Changpeng Zhao (CZ) has publicly acknowledged the exchange’s ongoing conversion of its SAFU reserves from stablecoins into Bitcoin.
While the exchange had specifically revealed its plans to completely convert its stablecoin holding to Bitcoin within the space of one month, Binance CZ says the plan has fallen within the perfect time.
Binance adds 3,600 BTC to SAFU reserve
Binance’s CZ has made his post in response to a viral tweet confirming that Binance has recently completed the purchase of 3,600 BTC for the SAFU fund.
As such, the exchange has successfully converted about $250 million worth of stablecoins into Bitcoin. 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 dip
The 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.
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