Binance sells $100 million USDC for Bitcoin and Ethereum!

The post Binance sells $100 million USDC for Bitcoin and Ethereum! appeared first on Coinpedia Fintech News

Binance, a leading cryptocurrency exchange had reportedly sold USD Coin (USDC) for Bitcoin and Ethereum after the collapse of the Silvergate Bank, according to a report by Proof of Research (PoR). The move by Binance came after the bank experienced outages that made its network inaccessible for a short period of time. As a result, Binance allegedly sold $100 million worth of USDC in exchange for a mix of Bitcoin and Ethereum. The PoR report cited data from Glassnode, a blockchain and crypto analytics platform, which showed that Binance had moved the equivalent amount of USDC from its wallets a day after the Silvergate outage.