Back in November, after the collapse of FTX, the exchange’s rival, Binance decided to roll out the Industry Recovery Initiative. The initiative planned to provide aid to cryptocurrency projects that were enduring a liquidity crisis post the FTX crash. This fund continues to entail $1 billion worth of Binance USD Coin [BUSD]. More recently, Changpeng Zhao, the CEO of the exchange announced that these funds would be converted to Bitcoin [BTC], Ethereum [ETH], and Binance Coin [BNB].

CZ announced on Twitter and suggested that the recovery initiative funds will now be changed to BTC, ETH & BNB.

This did not come as a surprise considering the U.S. government’s recent scrutiny pertaining to BUSD. Now, that Binance intends to limit the use of BUSD, the focus undoubtedly shifts to assets like BTC, ETH, BNB, and others.

Additionally, CZ also attributed this move to the changes in stablecoins and banks that have currently been taking place. The Binance CEO further wrote,

Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.

BTC, ETH & BNB continue to soar amidst SVB collapse

Bitcoin slumped below $20K last week, for the first time since mid-January. However, the king coin recovered in no time and its counterparts followed suit. At press time, Bitcoin was trading for $22,422 with an 8.48% daily surge.

Ethereum with a 7.72% increase over the last 24 hours was priced at $1,601. Untethered by the BUSD drama, Binance Coin rose by 7.19% and was trading for $301.31.

Several in the community came forward and lauded CZ for his “bullish” move. A few others noted how there was $1 billion buying pressure on BTC, ETH & BNB.