Bitcoin & Luna in love – Since January 2022, the Luna Foundation Guard (LFG) is responsible for contributing to the development of the crypto-project Terra (LUNA). The Foundation succeeded in first fundraising of 1 billion dollars last February, which aims in particular to guarantee its stablecoin UST (indexed to the US dollar). However, the LFG does not keep this financial windfall in dollars, and regularly buy bitcoins (BTC) with.
Nearly 40,000 BTC more for LUNA and its UST
At the end of March 2022, the Luna Foundation Guard strengthened its collateral reserves for the stablecoin UST by buying a first batch of 5,934 bitcoins. The latest purchase, which we will see today, is still most important.
As reported in particular by the CNBC channel, on May 5, the LFG indeed exchanged $1.5 billion in UST against 37,863 bitcoins, very exactly. That is a unit cost price of around 39,600 dollars per BTC.
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The (very) big investors are fans of the UST
We learn in detail that the exchange was made with two partners. First, UST $1 billion with the specialist digital currency broker Genesis. And then $500 million the hedge fund Three Arrows Capital (also specialized in cryptocurrencies).
With this massive new purchase, the Terra project is getting closer to his goalenacted by Do Kwon, co-founder and CEO of Terraform Labs. The latter is to achieve the $10 billion reserve for the LUNA and UST ecosystem.
“For the first time, you’re starting to see a pegged currency (to the dollar) that’s trying to follow a standard [monétaire basé sur] Bitcoin (…) now that we live in a period where there is an excess of printing of fiat currencies at all levels, and where monetary policies are highly politicized, there are citizens who are self-organizing to try to bring the systems back to a healthier money paradigm. »
Do Kwon, co-founder and CEO of Terraform Labs
Although a priori high, the objective of reserves of the ecosystem of Terra seems on the right track. Luna Foundation Guard bitcoin deposits would now approach the $3.5 billion. Moreover, and despite the very sluggish market of bitcoin and cryptos, the LUNA course is doing quite wellat least compared to others.
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