Luna Foundation Guard increased bitcoin investments to $1,68 billion
The organization’s reserves have approached 40 000 BTC
11.04.2022 - 08:25
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What’s new? The Luna Foundation Guard (LFG), a non-profit organization that backs the TerraUSD (UST) stablecoin, bought $173 million worth of bitcoins on April 9 and 10. The LFG wallet holds a total of 39 897,98 BTC ($1,68 billion at the exchange rate as of April 11, 2022).
What had happened before? The LFG fund acquired $1 billion worth of bitcoins on March 26, bought another 2943 BTC on March 30, and bought $200 million worth of AVAX tokens on April 7. All of these funds will be used to create a reserve fund to support TerraUSD’s stablecoin.
The co-founder of the Terra protocol, Do Kwon, stated that bitcoin is liquid and is the best collateral asset for the stablecoin. The fund plans to acquire $10 billion worth of BTC.
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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