Friday, September 30, 2022

Binance Attains a $1B Milestone in its Secure Asset Fund for Users

Binance has declared that its Secure Asset Fund for Users (SAFU) is now worth $1 billion. The new value was announced based on the opening price for the last Saturday in January.

Binance came up with the SAFU initiative in mid-year 2018. SAFU is an ’emergency fund’ inaugurated to protect users’ profits and returns. Binance has been keen on committing 10% of all trade funds as insurance since 2018.

This trajectory aims to secure its users against possible sabotage in their investment. Binance CEO and Founder, Changpeng Zhao (CZ) ascertain SAFU as a project that stamps one of the firm’s common sayings that points out the safety of funds and another trading 

The crypto service provider has raised the bars in trading security and calls upon other crypto platforms to do the same as a means of guaranteeing credibility and clarity in the cryptocurrency ecosystem.

Crypto.com a centralized provider was recently hacked as reported by Cryptomarketsbeat.com and swooped over $34 million worth of digital assets. Illegal trading activities were noticed on the platform and gave rise to the unprecedented attack. Two- Factor Authentication (2FA) control has previously been activated but the criminal activity was done without the verification. The company has declared that all affected customers have been compensated for the losses. 

Such attacks and breaches are common with decentralized exchanges, centralized exchanges have not been exempted from security hacks in the past and this makes the initiative more imperative.

SAFU Means Security for Users

CZ added that the company is interested in gaining and maintaining the trust of its users. He mentioned transparency to be one of such ways. Two of the firm’s insurance fund wallet addresses have been publicly published to grant access to users.

The CEO says the adoption of the SAFU initiative by other exchanges will show the synergy towards strengthening the integrity of the cryptoshpere. 

With the instability in market price, the value of the SAFU is poised to change at any time but no decline has been detected in the coming days for this secure fund. Binance has explained that the value and advancement will be monitored to avoid a relapse.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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