LUNA Set to Buy $10 Billion of Bitcoin
In recent weeks an interesting relationship has begun to blossom between multiple cryptocurrencies. Terraform Labs, the group behind stablecoin TerraUSD (CRYPTO: UST) and cryptocurrency Terra (CRYPTO: LUNA), have been on the frontline of innovation for quite some time. Recent developments insinuate that they do not plan on slowing down.
Terraform Labs announced in March that they will start purchasing Bitcoin (CRYPTO: BTC) as a reserve asset to back UST. In the event that UST deviates from $1, then Bitcoin could be used just like LUNA is now to stabilize the price. Founder of Terraform Labs, Do Kwon, tweeted out that the end goal is for a reserve of $10 billion worth of Bitcoin. They currently hold around $1.6 billion and will purchase more intermittently. The group now owns more Bitcoin than Tesla does.
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Source Fool.com
