Crypto Exchange Binance Raises Its SAFU Fund To $1B Amid Price Swings

Name	Symbol	Market	Market Cap ($)	Algorithm
OMI Token	OMIUSD	Crypto	161,146,734	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

OMI Token

OMIUSD

Crypto

161,146,734

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00000408	0.69%	0.000594	0.000594	0.000594

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00000408

0.69%

0.000594

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000595	0.000588	0.000589	0.00059	0.000522 - 0.001294

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000595

0.000588

0.000589

0.00059

0.000522 - 0.001294

Exchange	Last Trade	Size	Trade Price	Currency
GATE	11:21:34	18,467.08	0.000589	USD

Exchange

Last Trade

Size

Trade Price

Currency

GATE

11:21:34

18,467.08

0.000589

USD

Price x Volume	Volume	Base Symbol	Related Pairs
3,954.67	6,660,848.67	OMI

Price x Volume

Volume

Base Symbol

Related Pairs

3,954.67

6,660,848.67

OMI

Crypto Exchange Binance Raises Its SAFU Fund To $1B Amid Price Swings

09/11/2022 1:51pm

NEWSBTC

Recently, the crypto market has gotten into a tight tunnel as prices keep decreasing. Most crypto assets are moving to the south with little or no break. The bears are becoming too intense, and tension keeps increasing in the market. The fluctuations have triggered the leading crypto exchange Binance, to pursue sustainability. This new action came after the exchange announced its intent to acquire the FTX to ease its liquidity issues. Related Reading: These Solana Numbers May Scare Off SOL Investors – Here’s Why The CEO of Binance, Changpeng Zhao (CZ), has actively noted the events in the Binance-FTX drama. Also, he took to Twitter to disclose some points regarding the drama. In a tweet today, CZ revealed that his firm made more funding on its insurance backing. According to the post, Binance increased its Security Asset Fund for Users (SAFU) to $1 billion equivalent. CZ reported that the move ensures the network’s safety against the market’s recent price fluctuation. In addition, the aim is to protect users by ensuring continuing operations regardless of market trends. Details Of Binance’s SAFU Further, the Binance CEO mentioned the detail of the two reserve accounts and their links. One of the accounts holds Binance Coin (BNB) token and the Binance stablecoin (BUSD) worth about $700 million. The second account comprises Bitcoin (BTC) tokens worth about $300 million. Reacting to the Twitter post, some people from the crypto community made their positions known to the CEO. Some applauded his initiative and unique leadership vision for the network’s security. One of the users mentioned that all crypto companies should emulate Binance to have a Security Asset Fund for Users (SAFU). However, some still question the fund’s reserve cap adequacy for users. In 2018, the Binance SAFU kicked off with a fund dedicated to backing up user holdings in critical situations. Further, the firm allocated 10% of the trading fee to the fund. Gradually, the fund kept growing and hit $1 billion for the first time in February this year. CZ Maintains Transparency In The Crypto Firm The CEO of Binance has maintained a transparent position in handling almost all the firm’s events. CZ stated that the company would deploy a system of Proof-of-Reserve using Merkle Trees. The aim is to achieve full transparency with the community. In addition, Merkle Trees enable the encoding of blockchain data through a more secure and efficient method. Related Reading: Crypto Market Liquidations Reach $830 Million, When Will It Stop Bleeding? Hence, reactions on the sufficiency of Binance’s SAFU are emerging after CZ tweeted on the use of Proof-of-Reserve the previous day. The CEO mentioned that the mechanism would provide detailed information on liquidity for the network. featured Image From Pixabay, Charts From Tradingview

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