CryptocurrencyWhy Luna is Buying $500 Million Worth of Bitcoin...

Why Luna is Buying $500 Million Worth of Bitcoin for Its Stablecoin


Luna Foundation Guard (LFG) has bought over 11,700 BTC worth roughly $520 million so far this week to build a bitcoin reserve to support its stablecoin, TerraUSD (UST). While many in the Bitcoin community were quick to point out that the project is fundamentally different than those built upon on-chain bitcoin, such a significant purchase of BTC had undeniable impact on the Bitcoin ecosystem and, quite possibly, the price.

LFG is a non-profit organization based in Singapore that works to cultivate demand for Terra’s stablecoins and “buttress the stability of the UST peg and foster the growth of the Terra ecosystem.”





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Africatown land deals reshape future of Central District

K. Wyking Garrett, the leader of the Africatown Community Land Trust, fought hard for land acquisitions in the...

10 dead in mass shooting at Buffalo supermarket

Payton Gendron, the 18-year-old man who allegedly shot and killed 10 people at a Buffalo supermarket Saturday afternoon, was motivated...

JoJo Fletcher & Jordan Rodgers Married – Hollywood Life

View gallery JoJo Fletcher and Jordan Rodgers have tied the knot! The Bachelorette couple walked down the aisle together at the...

6 Questions for Dominik Schiener of the Iota Foundation – Cointelegraph Magazine

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw...

Bank of England censured by senior Tories over soaring inflation

Senior Conservative MPs have turned on the Bank of England over its handling of inflation, in a rare...

Must Read

- Advertisement -

You might also likeRELATED
Recommended to you