LockMeta
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Metaverse
  • Business
  • Markets
  • Policy
  • Press Release
Twitter Telegram
LockMeta
Twitter Telegram
Google News
  • Latest News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Metaverse
  • Business
  • Markets
  • Policy
  • Press Release
LockMeta
News

Terra founder talks about $10 billion bitcoin reserve plan again: short-term goal is to reach $3 billion

March 23, 2022
Share Facebook Twitter Telegram WhatsApp Pinterest LinkedIn Tumblr Email Reddit VKontakte
Terra founder talks about $10 billion bitcoin reserve plan again: short-term goal is to reach $3 billion

Terraform Labs CEO and Terra founder Do Kwon tweeted on Tuesday that the Luna Foundation Guard (LFG) has raised $2.2 billion for its bitcoin reserves and hopes to hit $3 billion in the short-term, with a long-term goal of $10 billion.

It is reported that LFG is a Singapore-based non-profit organization dedicated to the Terra blockchain. It will use Bitcoin as a reserve asset for Terra (UST), the largest algorithmic stablecoin on its blockchain. In response to how the foundation will achieve its $3 billion goal, Kwon said that LFG has raised $1 billion through an OTC sale of LUNA tokens and $1.2 billion by selling UST in exchange for Tether.

Kwon added that the foundation will need to raise another $800 million to reach its $3 billion goal. To achieve the long-term goal of $10 billion, stablecoins may set aside a portion of seigniorage (the protocol’s revenue from issuing USTs) to accumulate bitcoin reserves, Kwon explained. Kwon also commented that the foundation will build a bridge to bring billions of dollars worth of tokenized bitcoin to the Terra chain and use as a reserve in its stablecoin protocol. The new mechanism may require changes to its stablecoin protocol, details of which are unclear.

Previous ArticleFed Chair Powell: Central Bank Digital Currencies (CBDCs) Must Be Verifiable, Ensure Privacy
Next Article U.S. Senator Cynthia Lummis’ Crypto Bill Will Get Democratic Support

Related News

February 8, 2023

RTFKT&Clones Joins Nike Web3 Ecosystem Platform “.Swoosh”

February 8, 2023

Informed sources: India wants to roll out CBDC nationwide by end-2023

February 8, 2023

MicroStrategy Considers Bitcoin Futures as Part of Crypto Strategy

February 7, 2023

The Ethereum testnet successfully simulated ETH pledge withdrawal for the first time

February 7, 2023

US judge rejects FTX founder SBF’s request to modify bail conditions, hearing still scheduled for February 9

February 7, 2023

Australia: Efforts under way to ensure crypto asset regulation protects consumers

February 7, 2023

NBA star Giannis Antetokounmpo NFT sold at Sorare NBA for 113.9 ETH

February 7, 2023

Data: Ethereum whales accumulated 8.7 trillion SHIBs in the past week, worth about $128 million

The Latest
Business News February 8, 2023
RTFKT&Clones Joins Nike Web3 Ecosystem Platform “.Swoosh”
Policy News February 8, 2023
Informed sources: India wants to roll out CBDC nationwide by end-2023
Bitcoin News February 8, 2023
MicroStrategy Considers Bitcoin Futures as Part of Crypto Strategy
Ethereum News February 7, 2023
The Ethereum testnet successfully simulated ETH pledge withdrawal for the first time
Business News February 7, 2023
US judge rejects FTX founder SBF’s request to modify bail conditions, hearing still scheduled for February 9

LockMeta provides the latest crypto news flash including Bitcoin, Ethereum, Altcoins, NFTs, Metaverse, Business and Policy. Get today's latest crypto news in a minute.

Twitter Telegram
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Metaverse
  • Business
  • Markets
  • Policy
  • Press Release
  • About Us
  • Contact Us
  • Advertise
  • Terms of Service
  • Privacy Policy
© 2023 LockMeta.

Type above and press Enter to search. Press Esc to cancel.