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Luna Foundation Guard bought another $1.5 billion worth of bitcoin

Luna Foundation Guard bought another $1.5 billion worth of bitcoin, Crypto Trading News

The Singapore-based Luna Foundation Guard (LFG) made another Bitcoin-Purchased $1.5 billion worth of Bitcoin for their UST-stablecoin-Reserve.

  • 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

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