Good news for Crypto Fans: Binance Deals $1 Billion Blow to Bearish Sentiment!
- Brandon Davis
- March 13, 2023
- Crypto, News
- Binance, Crypto, Industry Recovery Initiative, Ki Young Ju, Stablecoin
- 0 Comments
Binance, one of the world’s leading cryptocurrency exchanges, has recently surprised the crypto community with its decision regarding its Industry Recovery Initiative. According to the company, it will now be converting the remaining funds from the initiative from BUSD stablecoin to native cryptocurrencies such as BTC, BNB, and ETH.
When was the Industry Recovery Initiative Introduced?
The Industry Recovery Initiative was introduced by Binance in November 2022, to support projects and companies that were harmed by the COVID-19 pandemic. The initiative provided financial aid in many forms to these companies, backing them to remain stable during difficult times. The program allowed Binance and other interested parties to explore investment opportunities that emerge through its application process.
Since the advent of the Industry Recovery Initiative program, Binance received a great response across the crypto community. Despite the positive feedback, the exchange had to make this surprising decision due to the continuing challenges posed by US regulations.
As per the experts, this decision will be beneficial for the crypto community as it is likely to be the reason for the sudden increase in the prices of BTC, ETH, and BNB in the coming months.
Ki Young Ju, CEO of on-chain data firm CryptoQuant, on the other hand claims that the most recent development will lead to a $1 billion rise in demand for these coins.
Speaking about the recent development, Binance CEO Changpeng Zhao said, “As the cryptocurrency market continues to mature and evolve, we believe that it is important to provide our users with greater options and flexibility. By converting the remaining funds from our Industry Recovery Initiative to native cryptocurrencies, we hope to ensure transparency.”