Terra Bitcoin Reserves
A non-profit company located in Singapore dedicated to advancing the Terra blockchain has purchased a further $176 million worth of Bitcoin on Sunday, the Luna Foundation Guard (LFG) said.
According to LFG, it now holds a value of bitcoin of around $1.7 billion.
The enormous Bitcoin stockpile is intended to support the native UST stablecoin, making it simpler for it to retain its dollar peg during periods of significant market instability and volatility.
The price of Bitcoin did not change much as a result of the most recent acquisition. Over the last 24 hours, the cryptocurrency has gained just 1.43 percent in value.
LFG’s Bitcoin purchasing frenzy began in late February, after the completion of a $1 billion sale of its LUNA token, with the proceeds going toward the creation of a stablecoin reserve denominated in Bitcoin, the world’s biggest cryptocurrency.
Terra CEO Do Won said on Twitter that the company aimed to purchase up to $10 billion worth of Bitcoin in order to become the single largest holder of the leading cryptocurrency, Bitcoin.
