One of the greatest fears encountered by people who think of investing in the crypto is that whether their money will be safe or not. Will they be offered some kind of protection by the crypto exchangers?
To overcome such issues, in the July of 2018, the CEO of Binance introduced ‘safe funds’ to the world of cryptocurrency. A lot many people today search for SAFU meaning in crypto as these kind of lingos are generally unknown to the people new to this field. But you need not to worry. Here, in this article we discuss about the meaning of SAFU in cryptocurrency in a detailed manner. To start, let’s first look at the SAFU meaning in crypto.
What is meaning of SAFU in Cryptocurrency? SAFU meaning in crypto world.
SAFU basically stands for ‘Safe Asset Funds for Users’. This was started by Binance in July of 2018 to protect the future interest of all its users.
Binance planned to allocate 10% of the total trading fee received into a special kind of fund. This fund will then be used to offer protection to its users funds in extreme cases. Binance also said that this fund will be stored in a special separate cold wallet.
Thus, now the cryptocurrency community uses the term SAFU to ensure whether their money is safe in a crypto exchange or not. Some people think that the word safu is mistyped and the real word is ‘safe’, but the Urban Dictionary has also acknowledged the word and has provided a precise definition for it. The secure asset fund was valued at 1 Billion US Dollars on January 29, 2022.
Origin of the word SAFU
On July 4th 2018, the CEO of Binance re-tweeted a photo by the handle of ‘Binance’ with a caption ‘Funds are Safu’. The Bizonnaci YouTube channel noticed this and made fun of this tweet by the CEO Changpeng Zhao. Since, then this became kind of a crypto meme and then a slang in the crypto world. Then Bincance started a fund called SAFU where it promised to protect all its users by costing them a certain amount of money that comes under trading fee. This is how the word SAFU was introduced to the world of Crypto.
A lot many people who search for SAFU meaning in crypto or meaning of SAFU in cryptocurrency find this fact kind of funny that name of a famous fund is based on a tweet. Moreover, another SAFU meaning in Crypto is for denoting ‘safe’. Many people in the world of crypto write ‘safu’ instead of safe to promote this slang.
Why was SAFU introduced in the world of Crypto?
We have already seen the origins of the word SAFU and the meaning of SAFU in Cryptocurrency. But what was the need to introduce this?
As we have already read that the CEO of Binance crypto exchange introduced this word. In 2018, the crypto exchange Binance faced an attack by the hackers. It then took certain measures and formed a fund named SAFU.
The world of Cryptocurrency is prone very much to the attack by the hackers. Crypto exchanges keep working upon this thing and improving the security for their client’s money. Some crypto exchanges offer a certain kinds of Insurances to their users but mostly they are not much lucrative. The SAFU by Binance has proved itself as the most effective method for keeping your crypto money ‘safu’ or we can say safe.
