Binance Flaunts Crypto Edge Over Banks With Speedy $1B Transfer: 'Took 15 Seconds And Costs $1.29'

Binance CEO Changpeng Zhao on Sunday said the exchange will convert over $1 billion Industry Recovery Initiative funds from BUSD BUSD/USD to Bitcoin BTC/USD, Binance Coin BNB/USD and Ethereum ETH/USD.

What Happened: Zhao, popularly known as "CZ," said on Twitter that the transaction from Binance’s industry fund to BUSD took 15 seconds and cost only $1.29 — something that likely contributed to the buying pressure in Bitcoin, Ether and BNB.

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All three assets have reached two-week highs, with Bitcoin crossing $22,500 and Ether at $1,600.

The crypto market suffered yet another blow over the weekend as Signature Bank SBNY and Silicon Valley Bank, a subsidiary of the SVB Financial Group SIVB, collapsed.

This follows on the heels of Silvergate’s Capital Corp SI closure by regulators earlier last week.

Price Action: Apex crypto BTC was trading at $22,254, up 8.33% in the last 24 hours. ETH was up 8.10%, trading at $1,596, according to Benzinga Pro data.