The price of Bitcoin has dipped over the past few days, but there's a bright side to this dip: Binance, one of the world's largest exchanges, is putting its own money into the cryptocurrency market.
The exchange announced Monday that it had topped up its SAFU (Secure Asset Fund for Users) fund at $1 billion — more than double its original size — as a way to stabilize the price of cryptocurrencies during periods of volatility. The move comes as Bitcoin recently shed more than $800 since hitting an all-time high above $9,500 on June 12.
Binance has always been committed to supporting the growth and development of blockchain technology, Changpeng Zhao, CEO and founder of Binance, said in a statement. We are excited about what lies ahead for cryptocurrencies and blockchain technology in general
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