SAFU
Technology & Computing abbreviation · Cryptocurrency & Blockchain
| Stands for | Secure Asset Fund for Users |
|---|---|
| Categories | Technology & Computing |
SAFU stands for Secure Asset Fund for Users, a cryptocurrency & blockchain abbreviation.
An emergency fund created by the exchange Binance in 2018 and financed by a share of trading fees, meant to compensate users in extreme cases such as hacks. "Funds are SAFU" became a meme meaning money is safe.
Example: After the outage, the exchange posted "funds are SAFU" to calm users.
Usage notes
The fund's name came from a 2018 meme video by the YouTuber Bizonacci that remixed Binance founder Changpeng Zhao's repeated assurances that funds were safe. Binance drew on the fund in 2019 to cover a hack of about 7,000 bitcoins. The phrase is now used jokingly across the industry.