Luna Foundation Acquires $1 Billion Bitcoin as Stablecoin Backing as BTC Nears $45,000

• The Luna Foundation has acquired approximately 24,954.96 BTC for $1.1 billion, according to Blockchain explorer

• The crypto company is expected to include the acquired cryptocurrency in its programmable stable coin reserves

• Do Kwon, founder of Terraform Labs and Terra had earlier disclosed that the company plans to acquire $10 billion worth of Bitcoin to add to its Stablecoin reserve

The cryptocurrency community has been taken by storm over the past few days, thanks to purchases made by the Luna Foundation Guard (LFG).

As of March 26, 2022, the LFG was holding 24,954.95 BTC worth $1.1 billion, which was accumulated over the past few days.

The flagship cryptocurrency was accumulated after Terra’s founder Do Kwon recently hinted that the company plans to acquire $10 billion worth of Bitcoin to add to its stablecoin reserve.

According to Kwon, Bitcoin was chosen as the project’s reserve asset because it is only hard reserve asset that’s been proven out of the digital currencies.

Bitcoin Magazine confirmed in a tweet that the flagship cryptocurrency was chosen by the company “to back its UST stable coin.”

Read also: Russia Mulls Over Crypto Payment for Oil

The bitcoin address that has been sending BTC to the LFG bitcoin address has been flagged as a “Binance hot wallet,” according to oxt.me data.

The massive acquisition has aided a rally in the cryptocurrency market, as Bitcoin has jumped from $40,000 to almost $45,000 over the past few days.

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