According to a report published on Thursday, the Luna Foundation Guard (LFG) explained that it acquired 37,863 bitcoin worth more than $1.4 billion through two over-the-counter deals. The LFG now holds 80,394 bitcoin in its reserves currently worth just under $3 billion using today’s exchange rates.
Luna Foundation Guard Scoops up 37,863 Bitcoin
On May 5, 2022, the Luna Foundation Guard reported that it purchased 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 third quarter of this year. While the organization has acquired a total of 80,394 bitcoin, LFG also purchased $100 million in avalanche (AVAX) to bolster 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 acquired via 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 purchased 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 Standard
Do Kwon, the cofounder and CEO of Terraform Labs told CNBC during the announcement that the pegged currency’s reserves are aligned with the Bitcoin standard.
“For the first time, you’re starting to see a pegged currency that is attempting to observe the Bitcoin standard,” Kwon remarked. “It’s making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency is going to be a winning
