The Luna Foundation Guard (LFG) is consistently working towards building its Bitcoin reserve and has recently purchased $176 million worth of Bitcoin in its quest to reach $10 billion. The foundation has bought additional 4130 Bitcoins and has added them to its Bitcoin reserve which at present contains a total of 39,897.98 Bitcoins.
Luna Foundation continues to add BTC to its TerraUSD Bitcoin Reserve
According to a recent Twitter update posted by Wu Blockchain, Luna Foundation Guard, an organization that regulates the TerraUSD Bitcoin reserve has made an additional Bitcoin purchase in their quest to back the prices of the TerraUSD stable coin.
Terraform Labs CEO and Founder Do Kwon had earlier unveiled details concerning his plan to expand the current Bitcoin reserve to $10 billion. Kwon further added that the funds will be used to back the prices of TerraUSD and protect the stablecoin from encountering turbulent market activity.
Luna Foundation Guard has purchased 4130 coins at the price of $42,700 per BTC, which totals nearly $176 million. Moreover, this signifies that the foundation is yet to add $8.3 billion worth of Bitcoins to its reserve to bolster its BTC stash and take the tally to its previously planned figure of $10 billion.
The recent Bitcoin purchase by LFG did not affect the prices of BTC which is currently trading at $41,083 at press time.
TerraUSD was launched in 2020 in collaboration with Bittrex Global and has acquired immense traction due to its unique mechanism and scalability.
As per Coinmarketcap, Due to its minting mechanism, Terra USD meets ‘the requirements of Defi protocols that it uses without losing scalability. UST can also be easily added to crypto wallets by simply integrating TerraUSD as a payment method. Another area where TerraUSD has shown its power is DApps. For example, platforms that mint fungible synthetic assets and track real-life asset prices use UST as a pricing benchmark.”