In its latest bitcoin acquisition this week, the Luna Foundation Guard closed a $1 billion OTC swap with crypto prime broker Genesis for $1 billion worth of UST.
“There’s another corner of the market that’s mostly institutional,” he added.
Genesis has one of the largest wholesale lending businesses in crypto. By participating in this transaction with the Luna Foundation Guard, the company is building its reserves in luna and UST and using them to interact with their borrowing counterparties, who may be looking to get access to the crypto ecosystem in a risk-neutral way.