Cryptocurrency In an interview with Coindesk, Michael Shaulov, CEO of custody company Fireblocks, made important statements about the approach of institutional customers to crypto and the growth in DeFi.
terra Stating that institutional investors’ access to DeFi has increased through
“Demand for early access programs from crypto hedge funds, venture capital firms and high-value individual investors is insane.
When we released the access to Defi feature on Terra, we saw some crazy requests. Over $250 million in entries in the first 72 hours. It’s been a full week since we posted this and half a billion dollars were traded on Terra on our platform.”
Terra has seen a serious growth in the last period. According to DeFiLama, Terra currently has around 4 million wallets and over $30 billion in locked value.
As you know, Terra’s stablecoin is UST. The LUNA is constantly being burned to keep the UST stable at $1. The company finally promised to support its UST reserves with Bitcoin and started Bitcoin purchases.
While Terra’s backing of its reserves with Bitcoin is seen as a risk factor by some economists, Fireblock CEO said:
“Fireblocks’ mission is to provide secure access to investors who do their due diligence, follow demand, and understand where innovation is going.
Needless to say the model around stablecoins. What Terra does is somewhat experimental. If you are asking whether this innovation by Terra has a place in stablecoins, I think the answer can be yes.”