Terra (LUNA) Purchases $100,000,000 in Bitcoin (BTC) As TerraUSD Launches on Crypto Exchange Binance
Ethereum challenger Terra (LUNA) continues to build up its Bitcoin (BTC) reserves as the world’s largest crypto exchange Binance adds support for its stablecoin, TerraUSD (UST).
Terraform Labs CEO Do Kwon took to Twitter to tell his 357,000 followers that the Luna Foundation Guard (LFG) has purchased $100,000,000 more worth of the leading digital asset.
“[Luna Foundation Guard] bought an additional $100 million worth of BTC for UST FX [foreign exchange] reserves.”
Previously, Kwon had said that Terra plans to buy up a staggering $10 billion worth of the top crypto asset by market cap in order to back UST, its native dollar-pegged stablecoin. The most recent purchase brings LFG’s total value of Bitcoin held in its reserves to $1.72 billion.
As the stablecoin issuer continues to snap up BTC en route to its goal, leading crypto exchange platform Binance recently announced it would be adding support for UST.
Investors can buy and swap UST in the UST/USD and UST/USDT (Tether) pairs, according to Binance.
More recently, Terraform Labs just issued a statement that they have gifted 10 million LUNA tokens to the LFG, bringing its total reserves of LUNA to about $190 million. LFG’s total reserve balance now sits at $2.46 billion, 70% of which is comprised of king crypto Bitcoin.
Bitcoin is changing hands at $40,435 at time of writing, a 7.8% drop from its seven-day high of $43,879 while LUNA is moving for $83.80, a 21% dip during the same timeframe.
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