$10 billion to support its own stablecoin UST Bitcoin (BTC) since the announcement that the reserve will be created Terra (Luna) It was often on the agenda with Bitcoin purchases.
Terra, who wants to diversify the UST reserve, of UST other than Bitcoin to support Avalanche (AVAX) announced their acquisition.
Making a statement on his official twitter account, Terra stated that they received $ 100 million worth of Avalanche tokens.
Terra has more than $1 billion since the end of January. bitcoin While making the purchase, he bought 230 million dollars of BTC yesterday.
Do Kwon, founder of Terra, Bloomberg News In an interview with Luna Foundation Guard (LFG), he said that he chose Avalanche among cryptocurrencies alongside other Bitcoin for the UST reserve due to its rapid growth and large fan base.
“Bitcoin will continue to be the main support for the UST reserve. Also, the deal with Avalanche will bring a lot of Avalanche users for UST and Terra.”
Emin Gün Sirer, CEO of The Ava Labs, developer of Avalanche In his statement, he said:
“Terra’s ability to scale its stablecoin UST was one of the reasons that attracted Avalanche to the Terra platform.
I wish more coins would find ways to grow the cryptocurrency industry with deals like this partnership instead of competing for the same group of people.”
According to CoinMarketCap data, LUNA, the 8th largest cryptocurrency with a market cap of approximately $37 billion, continues to trade at $104.65, down 2.81% in the last 24 hours.
*Not investment advice.