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The largest cryptocurrency exchange by trading volume, Binance, has announced the addition of 4,225 BTC to its Secure Asset Fund for Users (SAFU).
The company revealed that it invested $300 million to acquire this new batch of bitcoins, raising the total fund amount to 10,455 BTC. The average purchase price for 1 BTC was $70,403.
“We are continuing to acquire assets for the SAFU fund, aiming to complete its conversion within 30 days from our initial announcement,” representatives of the exchange explained.
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Binance emphasized that this latest acquisition of the leading cryptocurrency is not a showcase of trading capabilities but a measure intended to enhance the security and stability of the fund.
SAFU was established in July 2018 to safeguard user funds in the event of emergencies, such as hacking incidents, platform failures, and other unforeseen events.
The formation of SAFU is funded by a percentage of Binance’s trading fees—initially, nearly 10% of the fees were allocated to the fund. SAFU is managed by the clearing firm Nest Clearing and Custody.
Previously, analysts from CryptoQuant reported that Binance surpassed all other centralized platforms in terms of trading volume for both bitcoin and altcoins, as well as user activity.
