Secure Asset Fund for Users (SAFU)

Beginner

In July 2018, Binance established the Secure Asset Fund for Users (SAFU) as an emergency insurance fund to safeguard users' funds in extreme cases. Binance contributes a portion of trading fees to expand the fund, and as of January 29, 2022, its value was $1 billion, subject to fluctuations based on the market. The fund's primary objective is to offer a safety net for users' assets in the event of potential security breaches or unforeseen circumstances. The term "Funds are safe" originated from a tweet by Binance's former CEO, Changpeng Zhao (CZ), during unscheduled maintenance and gained popularity as a viral meme, ultimately leading to the creation of the SAFU fund.

Related glossaries

Blockchain

A decentralized digital ledger that records transactions across a network of computers.

Cryptocurrency

Cryptocurrency is a form of digital currency secured by cryptography and blockchain technology to ensure secure, decentralized transactions without the need for traditional intermediaries.

Cryptography

Cryptography involves techniques to encrypt information, converting it into an unreadable format, and decrypt it back into a readable form, ensuring secure communication.

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