Luna Foundation Guard (LFG), a recently formed non-profit organization to support the development of the Terra ecosystem, has raised $1 billion in a private sale to maintain the stability of the TerraUSD (UST) stablecoin. Creating Bitcoin Reserve for UST Stablecoin According to an official announcement, the Luna Foundation Guard (LFG) has raised $1 billion through an over-the-counter sale of LUNA, the native token behind Terra blockchain. Jump Crypto and Three Arrows Capital led the token sale, with participation from DeFiance Capital, GSR, Republic Capital, Tribe Capital among others. The funding will go toward building a bitcoin-denominated foreign-exchange reserve for UST, Terra’s biggest stablecoin. Pegged to the US dollar, UST currently boasts a market capitalization of over $12 billion, a number that has more than tripled since November last year. Largest Funding Round in Crypto’s History The latest fundraise is one of the largest to date in crypto, just next to NYDIG’s $1 billion funding round in December last year which raised its valuation above $7 billion. The $1 billion from the sale will initially capitalize on its UST Forex Reserve, with investors locking up the purchased LUNA over a 4-year vesting period. Additional details on the reserve’s function will be released in the coming weeks, the foundation said.The post LFG Raises $1B to Form Terra’s UST Reserve Denominated in Bitcoin appeared first on Cryptoknowmics-Crypto News and Media Platform.
Why Story (IP) Is Up Today?
