Luna Structure Obtains $1.4 Billion in Bitcoin, Decentralized Reserve Stash Increases to 80,394 BTC
< img width=" 1280" height=" 720 "src =" https://static.news.bitcoin.com/wp-content/uploads/2022/05/luna-foundation-acquires-1-4-billion-in-bitcoin-decentralized-reserve-stash-rises-to-80394-btc.jpg" class=" story __ img short article __ poster "alt=" Luna Structure Acquires $1.4 Billion in Bitcoin, Decentralized Reserve Stash Rises to 80,394 BTC" loading=" lazy "> According to a report released on Thursday, the Luna Foundation Guard( LFG) described that it got 37,863 bitcoin worth more than $1.4 billion through two over-the-counter offers.
The LFG now holds 80,394 bitcoin in its reserves presently worth simply under$
3 billion using today’s exchange rates. Luna Structure Guard Scoops up 37,863 Bitcoin On May 5, 2022, the Luna Structure Guard reported that it acquired 37,863 bitcoin( BTC ), worth a touch over $1.4 billion at the time of writing. LFG, the non-profit based out of Singapore aims to have$ 10 billion of stablecoin reserves by the end of the 3rd quarter of this year. While the company has actually obtained an overall of 80,394 bitcoin, LFG likewise purchased $100 million in avalanche (AVAX) to strengthen the algorithmic stablecoin UST’s decentralized forex reserves.
While 42,530.828 BTC can be seen on the blockchain via LFG’s public address, the 37,863 bitcoin purchased were obtained by means of two over the counter (OTC) deals. According to the LFG press release, $1 billion worth of UST was traded with the prime broker Genesis for the BTC, and it bought the other $500 million from the hedge fund Three Arrows Capital.
Terraform Labs Founder Says UST’s Decentralized Forex Reserve Stash Is Aligned With the Bitcoin Requirement
Do Kwon, the cofounder and CEO of Terraform Labs informed CNBC throughout the announcement that the pegged currency’s reserves are aligned with the Bitcoin standard.
” For the first time, you’re beginning to see a pegged currency that is attempting to observe the Bitcoin standard,” Kwon said. “It’s making a strong directional bet that keeping a lot of those foreign reserves in the kind of a digital native currency is going to be a winning dish,” the Terraform Labs creator included. The press release more notes that LFG’s purchase was once worth $1.5 billion, but today it’s decreased in value to $1.4 billion worth of BTC.
LFG’s existing bitcoin wallet now holds more than Tesla’s bitcoin reserves, which is around 42,902 bitcoin, according to U.S. Securities and Exchange Commission (SEC) filings. With 80,394 bitcoin, LFG’s stash is just 48,824 BTC away from reaching Microstrategy’s 129,218 BTC. On the other hand, bitcoin (BTC) slipped down to a low of $36,520 on Thursday and the leading crypto property is down 5% over the last 24 hours.
” The jury’s still out on the effectiveness on the topic, however I believe it is symbolic in the sense now that we live in a time where there’s excess cash printing across the board and when financial policies [are] extremely politicized that there are people that are self-organizing to try to bring systems back to a sounder paradigm of money,” Kwon concluded on Thursday.
What do you think of the Luna Foundation Guard scooping up 37,863 bitcoin? Let us know what you consider this subject in the comments area below.
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In Case You Missed It Released at Thu, 05 May 2022 18:30:36 +0000