The nonprofit organization, which launched this year to stabilize Terra’s UST stablecoin, announced Thursday that it had acquired another 37,863 Bitcoin, bringing its total reserves in the number one crypto to around 80,394 coins.
Terra’s development company, Terraform Labs, formed LFG back in January in a bid to support the Terra ecosystem.
Kwon has also made it clear that he wants to see UST become crypto’s dominant “decentralized money” stablecoin, openly slamming MakerDAO’s DAI, another decentralized competitor in the stablecoin market, and proposing a Curve “4pool” that aims to starve DAI of liquidity.
Zhu, who was selected as one of Crypto Briefing’s top crypto villains of 2021, is known in crypto circles for sharing his bullish takes on Bitcoin and the wider market, but today’s announcement suggests that his firm is “dumping” rather than bidding.
Now in its seventh month of rocky price action, Bitcoin took another dip today, erasing the gains it posted Wednesday in the wake of the Federal Reserve’s 50-point interest rate hike.
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