What is Secure Asset Fund for Users (SAFU)?
Let's find out Secure Asset Fund for Users (SAFU) meaning, definition in crypto, what is Secure Asset Fund for Users (SAFU), and all other detailed facts.
Binance established the Secure Asset Fund for Users (SAFU) in July 2018. It was developed as an emergency insurance fund to secure users' cash. Binance pledged a proportion of trading fees when the fund was created in order to build it to a sizeable level and protect its users.
Based on the opening price on January 29, 2022, the Secure Asset Fund was valued at $1 billion. Though keep in mind that the fund's value will fluctuate based on the market conditions over time. BNB, BUSD, and BTC are all available in the SAFU fund wallets.
"Funds are SAFU"
"Funds are SAFU" is a phrase that became a meme after Bizonacci, a YouTube content creator, produced a video named "Funds Are Safu" in 2018. The name of the video was a wordplay of an original phrase "Funds are safe" coined by the CEO of Binance Changpeng Zhou. He tweeted this phrase during an unscheduled Binance maintenance. After that, he began using it every time he wanted to reassure users that their funds were indeed secure.
So, based on this and other security precautions used by the exchange, it could be said that Binance is pretty secure. However, if you want to secure your funds even more, you can always take additional measures, like getting a hardware wallet.