Terra appears nowhere close to involved relating to the continued crypto dip. As a substitute, it topped up its bitcoin reserves with a further buy of $100 million value of the asset.
- Earlier this yr, Do Kwon – Founder and CEO of Terraform Labs – revealed the corporate’s intentions to introduce a stablecoin (UST), which shall be backed by bitcoin reserves value in whole of $10 billion as a substitute of fiat foreign money.
- The highest government asserted that the protocol will accumulate the numerous quantity of belongings in time. Shortly after, Terra went on its shopping for spree. The primary two transactions occurred in March – each for about 1,500 BTC.
- Shortly after, the challenge bought 2,943 BTC in a single transaction, value round $140 million in the mean time of the settlement.
- The protocol continued to amass extra bitcoin in April. In the beginning of the month, it purchased $230 million in BTC. A number of days later, the Luna Basis Guard (LFG) pool bought a further $176 value of the first cryptocurrency.
- Over the past a number of days, bitcoin’s worth went on a downtrend. Furthermore, it tumbled beneath $40,000, dropping to its lowest degree since March, however that has not deterred Terra.
- Earlier on April 13, Do Kwon disclosed that Luna Basis Guard bought $100 million value of bitcoin for its UST reserves.
. @LFG_org purchased a further $100M value of BTC for $UST fx reserves
Present steadiness avail right here: https://t.co/UNmWPOq7Vh
— Do Kwon ? (@stablekwon) April 13, 2022
- Including the most recent transaction to the equation, the protocol now holds 42,406.92 BTC. Calculated at present costs, this equals over $1.7 billion.
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