Luna Foundation Raises $1 Billion for Bitcoin Reserve

Investments in the crypto money world continue without slowing down. Most recently, Luna Foundation Guard (LFG) has raised $1 billion in an over-the-counter sale of LUNA, the native token of the Terra Blockchain network.

This sale, which is among the largest investments in the history of the crypto industry, was carried out by Jump Crypto and Three Arrows Capital with the participation of Republic Capital, GSR, Tribe Capital, DeFiance Capital and many other investors.

Luna Foundation Accelerates Work on Bitcoin Reserve

UST is among the most popular stablecoins in DeFi ecosystems. So much so that UST, which is pegged to the US dollar price, currently has a market capitalization of over 12 billion dollars. This figure has more than tripled since November last year.

Finally, the proceeds from this $1 billion sale will be used to build a Bitcoin (BTC) forex reserve for Terra's largest stablecoin, UST.

The Luna Foundation additionally announced that this reserve, created through a $1 billion capital injection, will effectively act as a "bleeder valve" for UST redemptions.