Luna Foundation Guard bought $100 million worth of bitcoins

There are more than 42 406 BTC in the project’s wallet

13.04.2022 - 11:50

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What’s new? The Luna Foundation Guard (LFG), a non-profit organization created to support the TerraUSD (UST) stablecoin, added another 2508,94 BTC worth $100,7 million on April 13. The project now has 42 406,92 BTC (more than $1,68 billion at the exchange rate on April 13, 2022) in its wallet.

Information on GetBlock

What had happened before? On March 26, the LFG acquired $1 billion worth of bitcoins, added 2943 BTC on March 30, and purchased $200 million worth of AVAX tokens on April 7. On April 9 and 10, the project bought $173 million worth of bitcoins.

The co-founder of the Terra protocol, Do Kwon, stated that he plans to use BTC reserves to secure the UST stablecoin, as this cryptocurrency is liquid and the best collateral. The fund plans to purchase $10 billion worth of bitcoins.

What is Terra? It is a blockchain protocol that allows the creation of algorithmic stablecoins tied to a fiat currency. The founders of the project are developers Do Kwon and Daniel Shin. LUNA is the native token of the blockchain.

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