crypto27cbw
Singapore-based-Terra-raised-1-billion-through-private-token-sale-of-LUNA
An announcement made by Singapore-based Terra and the Luna Foundation Guard (LFG) which is a nonprofit organization designed to support the Terra network to build and promote a decentralized economy. It claimed of raising $1 billion in a private token sale of LUNA led by Three Arrows Capital headed by Ethereum critic Su Zhu and Jump Crypto.
The trading group that led the raise was also responsible for Solana cross-chain bridge Wormhole whole after a $320 million hack. The foundation did not say anything about the specifics of the raise or whether the funds were raised directly in Bitcoin. As per LFG, the funds will be used to create a UST Forex Reserve denominated in Bitcoin for the biggest stablecoin on the Terra chain, TerraUST, Depending on when the raising took place, the value would be under $1 billion due to the market downturn. As a result of this $1 billion, which will be locked up for a vesting period of four years, it will be used as a release valve for UST redemption to maintain the USD peg. To maintain its peg UST which is a stablecoin uses Terra's LUNA.
Singapore-based-Terra-raised-1-billion-through-private-token-sale-of-LUNA
An announcement made by Singapore-based Terra and the Luna Foundation Guard (LFG) which is a nonprofit organization designed to support the Terra network to build and promote a decentralized economy. It claimed of raising $1 billion in a private token sale of LUNA led by Three Arrows Capital headed by Ethereum critic Su Zhu and Jump Crypto.
The trading group that led the raise was also responsible for Solana cross-chain bridge Wormhole whole after a $320 million hack. The foundation did not say anything about the specifics of the raise or whether the funds were raised directly in Bitcoin. As per LFG, the funds will be used to create a UST Forex Reserve denominated in Bitcoin for the biggest stablecoin on the Terra chain, TerraUST, Depending on when the raising took place, the value would be under $1 billion due to the market downturn. As a result of this $1 billion, which will be locked up for a vesting period of four years, it will be used as a release valve for UST redemption to maintain the USD peg. To maintain its peg UST which is a stablecoin uses Terra's LUNA.