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Gungun Bhatia
Nov 9, 2022
by Gungun Bhatia

Binance Sets Emergency Insurance Plan 'SAFU' to $1B After BNB Volatility

Binance SAFU

Table of contents

  1. Development of SAFU by Binance
  2. FTX Liquidity Problem Effects on Crypto Market
Changpeng Zhao, often known as "CZ," the founder of cryptocurrency exchange Binance, revealed in a tweet today that the Secure Asset Fund for Users (SAFU) has been topped up to a total of $1 billion worth of different cryptocurrencies.

Development of SAFU by Binance

Binance developed SAFU, an emergency insurance scheme, in July 2018 to safeguard customers' money. To expand the fund to a significant level and provide sufficient protection for consumers, Binance pledged a portion of the trading commissions when it was first created. The fund's value varies according to market conditions, and SAFU fund wallets include BNB, BUSD, and BTC.

SAFU addresses have around $700 million in Binance network token BNB and stablecoin Binance USD (BUSD). There is almost $300 million worth of bitcoins stored at the address.

FTX Liquidity Problem Effects on Crypto Market

Due to rumors surrounding significant exchange FTX's liquidity problems, cryptocurrency markets have been fluctuating wildly in the last 24 hours amid unstable market dynamics. The Sam Bankman-Fried-owned cryptocurrency exchange was the target of such heated rumors that the company decided to merge with its larger rival, Binance, which sent traders into a spin.

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Binance Changpeng Zhao FTX Secure Asset Fund for Users (SAFU)
Binance Sets Emergency Insurance Plan 'SAFU' to $1B After BNB Volatility
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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