TechFlow news, February 23 — According to The Block, Luna Foundation Guard (LFG) raised $1 billion through an over-the-counter sale of LUNA. This fundraising marks one of the largest in crypto industry history, led by Jump Crypto and Three Arrows Capital, with participation from Republic Capital, GSR, Tribe Capital, DeFiance Capital, and other investors. The proceeds from the $1 billion sale will be used to build a foreign exchange reserve denominated in Bitcoin for Terra's largest stablecoin, UST. LFG stated that the reserve created through this $1 billion injection will effectively serve as a "release valve" for UST redemptions, aiming to ensure the stablecoin maintains its peg to the US dollar even during periods of significant sell-offs in the crypto market.
Risk Disclosure: This website's content is not investment advice and offers no trading guidance or related services. Per regulations from the PBOC and other authorities, users must be aware of virtual currency risks. Contact us / [email protected] ICP License: 琼ICP备2022009338号
