The Luna Foundation Guard (LFG) bought more than US$ 173 million in bitcoins recently. Now, the platform has increased its reserve to nearly 40 thousand units of the cryptoasset.
Based in Singapore, the foundation is responsible for the Terra (LUNA) stablecoin protocol. Before the new bitcoin acquisition, in total, the platform announced that it intends to acquire US$10 billion of the digital currency.
With the latest US$173 million cryptoasset acquisition, Luna’s total reserve is currently US$1.76 billion. In other words, the fund owns 39.897,98 units of bitcoin.
Luna invests in bitcoin
The Luna Foundation has reported using bitcoin as a reserve asset to provide liquidity for its stablecoin platform. As such, the cryptoasset will be incorporated into the UST system.
Just like the bitcoin, the Luna Foundation previously acquired US$ 200 million in avalanche (AVAX). These cryptoassets will be used to redeem staking programs on the Terra protocol and maintain decentralized operations focused on stablecoins generated by the platform.
The Terra platform is considered the largest decentralized project by allocated values in the crypto market and has more than US$ 27 billion in TVL stored.
Terra accounts for 55% of the total TVL capitalization and is the second-largest protocol by allocated volume. In first place is the Ethereum network, which has over US$114 billion in TVL.