Terra Buys Another $176 Million in Bitcoin
Luna Foundation Guard Bought Another $176 Million In Bitcoin
Luna Foundation Guard (LFG), a Singapore-based non-profit organization focused on boosting the Terra blockchain, raised an additional $176 million in Bitcoin earlier this Sunday.
LFG now has about $1.7 billion in the largest cryptocurrency. The huge Bitcoin stash aims to support the native UST stablecoin, making it easier to maintain its dollar peg during extreme market volatility.
The most recent purchase had little impact on Bitcoin price. The cryptocurrency is up just 1.43% in the past 24 hours.
LFG’s Bitcoin purchase kicked off in late February after it held a $1 billion sale of its LUNA token to build a stablecoin reserve denominated in the world’s largest cryptocurrency.
Terra founder Do Won tweeted that Terra planned to buy up to $10 billion worth of Bitcoin to become the largest holder of the best cryptocurrency.
As reported by U.Today, LFG also bought $100 million worth of Avalanche (AVAX) tokens earlier this week, ahead of Bitcoin.