The Luna Foundation Guard of Terra has taken off a huge task of acquiring a huge amount of bitcoin for its further goals
Terra’s Luna Foundation Guard, or LFG, has increased its Bitcoin buying and added the topmost digital currency in its reserve fund while having assistance from Three Arrows Capital and Genesis Trading. This indicates the LFG has not done with the accumulation of bitcoin.
The nonprofit organization of Terra, its Luna Foundation Guard, launched this year with the responsibility to stabilize the UST stablecoin of Terra. ON THURSDAY, the LFG announced that it had added about 37,863 bitcoin to its reserves, which made Terra’s total number of bitcoin reserves around 80,394 coins. With this amount of bitcoin in its reserves, LFG has become one of the biggest bitcoin whales in the world, with a stock of top cryptocurrencies worth a little under $3 billion.
The development company behind Terra went by the name Terraform Labs and formed Luna Foundation Guard in January in a bid meant to support the ecosystem of the network. During the time, the CEO of Terraform Labs, Do Kwon, said that the organization has aimed to continuously provide the peg stability support of stablecoins of Terra and other developments in its ecosystem.
Terra, its LFG, and CEO Kwon have been in the spotlight within the crypto space over the past few months after the foundation’s commitments to accumulate bitcoin and other such assets like AVAX of Avalanche act as USTs reserve fund. Kwon announced that LFG had made a purchase of bitcoin worth multi-million dollars on several occasions to add to their reserve fund at the times of reviewing the interest in the crypto market and to help LUNA soar to new achievable highs.
Kwon said that LFG has plans to buy bitcoin worth $3 billion, having a long-term view towards accumulating total coins in supply worth $10 billion. Terra CEO has made it clear that he desired to see UST stablecoin become the dominant decentralized money in the crypto space while slamming DAI of MakreDAO openly, which is another stablecoin and close decentralized competitor.
In the recent purchase of Bitcoin, LFG got support from two other firms native to crypto. One of them traded $1 billion worth of UST stablecoins in exchange for bitcoin in an over the counter swap with the firm called Genesis Trading. While another buying of bitcoin worth $500 million was from a multi-dollar crypto hedge fund, Three Arrows Capital, run by Su Zhu and Kyle Davies.
Source: https://www.thecoinrepublic.com/2022/05/06/enormous-buying-of-bitcoin-by-terras-lfg/