Reading time: ~2 m
Singapore-based non-profit organization Luna Foundation Guard (LFG), which promotes the Terra blockchain, acquired an additional $176 million worth of bitcoin last Sunday.
Currently, LFG owns the largest cryptocurrency by approximately $1.7 billion. A huge amount of bitcoin is intended to support the native stablecoin UST, making it easier to maintain a peg to the dollar in case of extreme market volatility.
The last purchase had little effect on the price of bitcoin, as the cryptocurrency grew by only 1.6% per day.
LFG’s active buying of bitcoins began in late February after selling the $1 billion native token LUNA to create a stablecoin reserve denominated in the world’s largest cryptocurrency.
Terra founder Do Won tweeted that Terra intends to buy up to $10 billion worth of bitcoin to become the largest owner of the largest cryptocurrency.
Last week, LFG also bought $100 million worth of Avalanche (AVAX) tokens.
#Luna #Foundation #Acquires #Million #Additional #Bitcoins