Terra En Route to Becoming the Biggest Bitcoin Whale as LUNA Sees Massive Growth

Terra En Route to Becoming the Biggest Bitcoin Whale as LUNA Sees Massive Growth
фото показано с : zycrypto.com

2022-4-6 23:08

On-chain data suggests that Terra has purchased nearly $1.5 billion worth of BTC.Terra wants to adopt the bitcoin standard to make UST a hybrid stablecoin.Amid talk of the accumulations, Bitcoin is holding steady above $45k as it shakes off previous lows.

Terra wants to cement its place as one of the largest BTC holders in the world. CEO Do Kwon stated that the organization has a budget of $10 billion to make the splurge.

Terra’s New Affinity With Bitcoin

Terra has purchased $1.4 billion worth of Bitcoin which makes it the 30th largest single holder of the cryptocurrency. The recent purchase gives the company a holding of 30,727 bitcoins with even larger purchases being lined up.

“The Terra Protocol will be one of the largest holders of $BTC. Saylor beware,” tweeted Do Kwon, founder of Terra.

Michael Saylor’s MicroStrategy is one of the largest BTC whales with over 129,218 BTC in its cache following its latest purchase of 4167 BTC announced today. MicroStrategy’s bitcoin stash is now valued at around $5.9 billion.

Kwon’s reason for the purchase of a large cache of BTC was shared in a Twitter space hosted by Udi Wertheimer. In the space, Kwon stated that the decentralized stablecoin UST would transform into a hybrid stablecoin that will allow users to exchange $1 worth of UST for $0.99 worth of BTC.

The choice of Bitcoin for Kwon was an easy one because of the credibility that it has earned over the years. He added that “it is very difficult for somebody in crypto to question Bitcoin. According to the founder, the company had earmarked the sum of $3 billion to purchase BTC in the short term while the future will see the Luna Foundation Guard (LFG) splurge up to $7 billion in Bitcoin purchases.

Following the blossoming ecosystem, Terra climbed by a staggering 6.50% to near the $120 mark. The asset reached its all-time highest point at $199 and has continued to experience a flurry of activity as transaction volumes spiked.

Why Is Terra Turning To BTC

Terra’s founder has been pro-Bitcoin and the company’s recent move does not come as a surprise to industry pundits. He once stated that “$UST with $10B in $BTC reserves will open a new monetary era of the Bitcoin standard. P2P electronic cash that is easier to spend and more attractive to hold.”

By making UST a hybrid stablecoin, Terra now allows UST to be exchanged for BTC natively without meddling intermediaries. Conversion fees are at a negligible rate with 10,000 UST being converted to BTC for around $2.58.

This adds cream to the talk of UST’s interoperability and Erik Voorhees has described the move as being a “giant step forward for crypto”. The company has stated that it intends to maintain UST’s peg to the dollar by using BTC as an indirect peg by leveraging Bitcoin’s status as a leading cryptocurrency to maintain confidence amongst users.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Terra KRW (KRT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.000912 (-100%)

terra one btc world holders cement largest

terra one → Результатов: 40


Фото:

Terra (LUNA) price analysis for March

Bitcoin (BTC) price is leading the crypto market lower on rumours that India is considering a crypto ban. Fundamental analysis: A possible crypto ban in India sends crypto market lower After hitting a new all-time high of more than $60,000, Bitcoin dropped below $55,000 with one of the possible reasons behind this move lower are […] The post Terra (LUNA) price analysis for March appeared first on Invezz.

2021-3-17 13:37


Фото:

South Korea: Kakao Ventures Invests Undisclosed Sum in Stablecoin Project Terra

Terra, a blockchain-powered payments platform has received an undisclosed investment from South Korean venture capital firm Kakao Ventures, reports Crowdfund Insider, March 4, 2019. Kakao Goes All in on Terra Saying that South Korea has emerged as one of the global hotbeds for everything blockchain and crypto wouldn’t be a stretch by any means.

2019-3-5 21:00


Фото:

South Korea: Kakao and Terra Partner to Create Blockchain Ecosystem, dApps, and Stablecoins

Kakao, South Korea’s largest mobile carrier, has signed a partnership with stablecoin project Terra to collaborate on a blockchain-based payments system, reported Korea Times on November 15, 2018. Kakao and Terra Partnership Kakao’s native blockchain platform “Klaytn” is a highly-scalable protocol with average block times of one second and the ability to deploy decentralized applications (dApps) for end users which.

2018-11-17 06:00