It may increase that amount to $2 billion at a point in time in the future "if the need arises," the company added.
BUSD is a stablecoin issued by blockchain infrastructure firm Paxos and is approved and regulated by the New York State Department of Financial Services, according to Paxos' website. FTX's failure was triggered in part by a tweet posted by Binance's CEO which drew attention to a CoinDesk report raising questions over its accounting. Since FTX's rapidtwo weeks ago, investors have fretted over a possible crypto contagion affecting every corner of the industry.
Are you taking customers money to set up the fund? binance
Is it a billion in actual money or one of their own shitcoins?
Easy come, easy go.
Bad money thrown away on more bad money.
'The 'Panic of 1907' lasted from May 1907 to June 1908. It was caused by speculators' losses that spread to trust companies. These firms acted like banks but had lower reserves. Congress created the Federal Reserve System to prevent future collapses.'
“$1 billion to keep crypto industry afloat” Tick Tock.
So if he couldn't source $1 billion it would collapse Sounds as if any of these firms can be forced out of business quickly and easily
Isn't this how the FTX collapse started? How does anyone still trust these crypto guys 😂😂😂?
Binance guys head
Definitely something you would see with a stable store of value
Just like the run on banks before depression
Another domino about to fall.
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Source: Variety - 🏆 108. / 63 Read more »