Binance Conducts Second Mammoth Bitcoin Transfer to SAFU Fund: Details

The world’s largest cryptocurrency trading venue, Binance, has announced another large transfer of Bitcoin to its SAFU fund, created to ensure the safety of user crypto.

This is the second tranche after the platform announced the initiative last Friday.

Binance keeps buying Bitcoin

The official Binance account on the X social media giant has published an update on the conversion of crypto assets in the company’s SAFU fund. Binance has moved the second batch of stablecoins into the fund, converting them to Bitcoin — 100 million USD-backed stablecoins.

“Binance has completed the second batch of Bitcoin conversion for the SAFU Fund, amounting to 100M USD stablecoins,” the tweet proudly stated, sharing the address from which the transfer was made, as well as the target wallet address.

The transaction was also spotted by Whale Alert — Binance bought 1,315 Bitcoins with $100,548,147.

On Friday, Jan. 30, Binance announced its determination to accumulate Bitcoin for the SAFU fund, “aiming to complete conversion of the fund within 30 days of our original announcement.”

As reported by U.Today, the first conversion was conducted on Feb. 2, three days after the announcement was made to the public. Overall, Binance’s SAFU fund contains $1 billion, and Binance plans to convert all of it into the world’s pioneer cryptocurrency, Bitcoin.

On the same day, as Binance tweets its intention, the founder of the TRON blockchain, Justin Sun, tweeted that TRON would follow suit and start accumulating Bitcoin.

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