Terra’s Luna Foundation Guard (LFG) is adding another $1.5 billion to meet its target of $10 billion in stablecoin reserves by the end of the third quarter. bitcoin announced its purchase.
Terra’s $1.5 Billion Bitcoin Purchases Made in Two Separate Transactions
Purchases were made with two over-the-counter agreements. Cryptocurrency As part of an agreement with its broker, Genesis Global Trading, LFG paid $1 billion UST in Bitcoin. Another $500 million deal was made with venture fund Three Arrows Capital.
The total amount of Bitcoin in the hands of LFG reached 80,394 BTC at the time of this writing, and its value in dollars reached 3 billion dollars. TOP With a market capitalization of $18.4 billion, it has become the tenth largest cryptocurrency in the world.
Do Kwon, the developer company behind the Terra token, said in his statement:
“This is the first time you’ve seen a stablecoin try to conform to the Bitcoin standard. LFG is making a bet that holding most foreign reserves in the form of digital local currency is the winning formula.”
However, at the time of this writing, Terra Blockchain’s own cryptocurrency, LUNA, is trading at $79.91 with a 4.89% depreciation in the last 24 hours. With the big drop in the market, $ 1.3 billion was deleted from the market value of the altcoin. However, with the fall of BTC, the $ 1.5 billion purchase of LFG now corresponds to $ 1.4 billion.
*Not investment advice.