Luna Foundation Guard held a $1 billion private token sale
The funds will be used to strengthen the stability of the UST stablecoin
23.02.2022 - 08:00
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What’s new? The Luna Foundation Guard (LFG), a non-profit organization, has published a tweet announcing the successful completion of its LUNA private token sale. The company managed to raise a total of $1 billion, which will be used to further develop the UST stablecoin.
1/ The long awaited [REDACTED] 💎3 is here!📣 The Luna Foundation Guard (LFG) has closed a $1 billion private token sale to establish a decentralized $UST Forex Reserve denominated in $BTC! 📣🧵👇— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) February 22, 2022
Who participated? Large companies and funds such as Jump Crypto, Three Arrows Capital, DeFiance Capital, Republic Capital, GSR, and Tribe Capital participated in the private token sale.
What will the funds be used for? LFG reported that it will use the capital raised in a decentralized bitcoin-denominated UST Forex Reserve fund.
“The UST Forex Reserve is an LFG initiative to provide a further layer of support for the UST peg using assets that are considered less correlated to the Terra ecosystem, like Bitcoin.”
According to the representatives of LFG, having a reserve fund will help keep UST’s stablecoin stable in times of sharp drops and sell-offs in the market.
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