Luna Foundation Guard has bought another $176 million in bitcoin
Luna Foundation Guard (LFG), a Singapore-based non-profit organization focused on promoting the Terra blockchain, has purchased another $176 million worth of bitcoin earlier this Sunday.
LFG now holds about $1.7 billion in the largest cryptocurrency. The massive bitcoin stash is meant to boost the native UST stablecoin, making it easier to maintain your dollar peg during periods of extreme volatility in the market.
The most recent purchase had little effect on the price of bitcoin. The cryptocurrency is only up 1.43% in the last 24 hours.
LFG’s bitcoin buying spree began in late February, when it sold its LUNA token for $1 billion to create stablecoin reserves in the world’s largest cryptocurrency.Terra founder Do Won tweeted that Tera intends to buy up to $10 billion of bitcoin to become the largest holder of the top cryptocurrency.
Earlier this week LFG also bought $100 million worth of Avalanche (AVAX) tokens, moving ahead of bitcoin, as reported by U.Today.