- Corresponding CNBC On Thursday (May 5, 2022), LFG raised the funds through a $1 billion over-the-counter (OTC) swap with cryptocurrency broker Genesis and a $500 million Bitcoin purchase from hedge fund manager Three Arrows capital.
- In April, LFG bought $100 million worth of BTC. Following the recent purchase, the UST algorithmic stablecoin reserve now holds around $3.5 billion worth of Bitcoin, placing it in the top 10 BTC holders globally.
- Terraform Labs co-founder and CEO Do Kwon announced plans to raise $10 billion worth of BTC as collateral for UST back in March. Do Kwon hopes to achieve this goal by the end of Q3 2022.
- According to a statement by Do Kwon:
“For the first time you see a pegged currency trying to conform to the bitcoin standard. It is making a strong directional bet that holding many of these foreign exchange reserves in the form of a native digital currency will be a recipe for success.”
Source: Crypto News Deutsch