Terra’s Founder Do Kwon ‘Looks Forward to Building With Bitcoin’ — Project Reportedly Acquires $125M in BTC


Just recently, Terra founder Do Kwon hinted at purchasing $3 billion in bitcoin to bolster the protocol’s reserves and according to a number of reports and blockchain analysis, Terra purchased $125 million worth of bitcoin on March 21. The following day, bitcoin’s fiat value jumped to a high of $43,079 per unit and there’s been lots of discussions concerning Terra’s reported bitcoin buy.

Blockchain reports and analysis suggest $125 million buy in bitcoin executed by Terra

On March 21, 2022, Bitcoin.com News reported on the founder of Terra Do Kwon and his tricks on buying billions in bitcoin (BTC). After being asked why the project was targeting BTC reserves, Do Kwon said, “Bitcoin is the only solid reserve asset that has been proven outside of digital currencies… It is very difficult for someone in crypto to challenge bitcoin.”

Following the report, the digital currency influencer Lark Davis tweeted that the Terra (LUNA) project had made its first purchase. “Luna makes its first purchase of bitcoin worth 125 million dollars,” Davis said. The crypto influencer’s tweet has been retweeted over 450 times and has close to 4K likes on Twitter at the time of writing.

On Tuesday, the alleged $125 million purchase of BTC was tendency a lot on social media. While there was no official mention of Terra buying bitcoin (BTC), a Gnosis safe address believed to belong to Terra reportedly transferred $125 million worth of USDT to Binance.

The same day, BTC advocate and the director of growth marketing at Kraken, Dan Held, welcomed the Terra community. “I welcome all projects and protocols that want to build on Bitcoin/use Bitcoin,” Held tweeted. “Excited to see what [Do Kwon] and the Terra community will do.”

Do Kwon responded to Held’s comment and responded: “Looking forward to building together.” The co-founder of Stacks, an open-source smart contract platform for Bitcoin, Muneeb Ali also responded to Held’s Twitter thread. “This is the way”, Muneeb Ali tweeted. “[The] The Bitcoin community was welcoming to developers before 2016. We can do the same now. Developers can use bitcoin as they wish, it only strengthens BTC.

Terra Founder Do Kwon Insists Project Has $3 Billion in Funds Ready to Seed Reserves

Both terra (LUNA) and the network’s stablecoin UST have seen significant growth over the last 12 months. Year-to-date, LUNA is up 323% against the U.S. dollar and the stablecoin UST is the fourth-largest USD stablecoin by market valuation with $15.6 billion.

On Tuesday, Blockstream co-founder and CEO Adam Back asked Do Kwon where the billions of dollars came from. Founder of Terra responded telling the Blockstream executive that the organization has $3 billion in “funds ready to seed this reserve”, but he added that “the technical infrastructure (bridges, etc.) is still not yet ready”.

Furthermore, Terra’s founder also explained how the funds were raised by the Terra ecosystem and Luna Foundation Guard (LFG). “It’s BTC or tether,” Do Kwon told Back on Tuesday. “1B was raised recently and 1.2B LFG raised by selling UST against tether, 0.8B or so left to go,” Terra’s founder added.


Read Previous

Beware: User Loses 3 Bored Ape NFTs on New Animation Phishing Site

Read Next

DBS CEO Sees Crypto as an Alternative to Gold — Says Central Banks Globally Should Regulate Cryptocurrencies

Leave a Reply

Your email address will not be published. Required fields are marked *

Right Menu Icon