Read full article at CryptoPotato.

Singapore-based Luna Foundation Guard (LFG) made yet another bitcoin purchase of $1.5 billion in Bitcoin for its UST stablecoin reserve.

  • According to CNBC on Thursday (May 5, 2022), LFG raised the funds through a $1 billion over-the-counter (OTC) swap with cryptocurrency broker Genesis and a $500 million worth of bitcoin purchase from hedge fund manager Three Arrows Capital.
  • In April, LFG bought BTC worth $100 million. Following the latest purchase, the UST algorithmic stablecoin reserve now holds around $3.5 billion in bitcoin, making it one of the top 10 BTC holders globally.
  • The co-founder and CEO of Terraform Labs, Do Kwon, back in March announced plans to raise $10 billion worth of BTC as collateral for UST. Do Kwon hopes to achieve this goal by the end of Q3 2022.
  • According to a statement from Do Kwon:

“For the first time, you’re starting to see a pegged currency that is attempting to observe the bitcoin standard. It’s making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency is going to be a winning recipe.”

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.

RSS
Facebook
Facebook
LinkedIn
LinkedIn