• Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
Monday, May 23, 2022
No Result
View All Result
Our Bitcoin News
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
No Result
View All Result
Our Bitcoin News
No Result
View All Result

Luna Foundation Guard’s total Bitcoin holding reaches 42,410 BTC with latest purchase

News
by Gauri Bhatia
13 April 2022
Luna Foundation Guard’s total Bitcoin holding reaches 42,410 BTC with latest purchase

Source: Unsplash

Share on FacebookShare on Twitter

Luna Foundation Guard (LFG), a Singapore-based non-profit organization launched by Terraform Labs, has added another $100 million worth of Bitcoins to its UST reserves. With the latest addition, there are 42,410 BTC in LFG’s wallet, which makes it the 19th largest bitcoin holding wallet in the world.

The foundation, founded by Terra’s co-founder Do Kwon, seeks to build reserves for its US Dollar pegged stablecoin UST. LFG first announced plans for a reserve in February this year, after raising $1 billion in LUNA private token sale.

UST is currently an unsecured stablecoin with no fiat or cryptocurrency set as collateral, pegged at a ratio of 1:1 to the US dollar. It utilizes an algorithm to keep the price constant and adjust the supply by issuing and burning LUNA tokens. With the crypto-backed reserves, the foundation aims to prepare for sudden changes in the market and provide support to UST stablecoin.

As of now, LFG’s wallet contains $1.75 billion in BTC and $200 million in AVAX tokens, almost $8.2 billion less than what Do Kwon aims to garner for UST reserve.

Previous Post

Nexo, Mastercard to jointly launch crypto-backed payment card

Next Post

SolidProof Will Soon Make Its Auto Audit Tool Available for Users and Project owners

Gauri Bhatia

Gauri Bhatia

Gauri is a full-time Content Writer at Our Bitcoin News. With a degree in Economics, she covers major news and concerns surrounding crypto-space.

Related Posts

New bipartisan bill seeks to make CFTC official cryptocurrency regulator

New bipartisan bill seeks to make CFTC official cryptocurrency regulator

by Gauri Bhatia
29 April 2022

Some US bipartisan lawmakers have submitted a bill that seeks to foster innovation in the cryptocurrency space and build a...

Animoca Brands establishes joint venture with OneFootBall following $300M round

Animoca Brands establishes joint venture with OneFootBall following $300M round

by Gauri Bhatia
29 April 2022

Hong Kong-based Web 3 giant Animoca Brands has now formed a strategic joint venture with OneFootball, Football news and media...

Goldman Sachs issues its first Bitcoin-backed loan: report

Goldman Sachs issues its first Bitcoin-backed loan: report

by Damien Martin
29 April 2022

Goldman Sachs has taken another bullish step towards the digital asset space, now offering Bitcoin-collateralized loans to its customers, media...

No Result
View All Result

Recent Posts

  • TRON Partners with Ankr To Improve Access To The Web 3 Infrastructure
  • Babel Finance used collateralized eNote on FQX’s Solana dApp via Fireblocks
  • SneakMart Announces A Collaboration With StockX On It’s First Metakicks Drop
  • Coinshift Closes $15 Million Series A Led by Tiger Global, Sequoia Capital India, Alameda Ventures
  • More Whitelisted Members, Wider DEX Integrations, Higher Total Supply – USDD Thrives Alongside Increased and Diversified Reserve Assets
Our Bitcoin News

© 2021 Our Bitcoin News

Navigate

  • Home
  • Press Release
  • Sponsored
  • Our Journalists
  • Advertise
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

Follow Us

No Result
View All Result
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners

© 2021 Our Bitcoin News