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Terra Founder, Do Kwon Hints for $3 Billion Bitcoin Purchase

Do Kwon, Terra founder hinted at the future buying of $3 billion of bitcoin for supplying the reserves of protocol in Twitter Space.  In similar kind of Space, Do Kwon also explained latest mechanics that is introduced by Terra ecosystem to use bitcoin since collateral for their flagship that is decentralized stablecoin.

Do Kwon Directs Ecosystem

Terra founder, Do Kwon made crucial announcements about future of Terra ecosystem and their tokens in the Twitter Space. This space was hosted by Udi Wertheimer. It is among these announcements that has to do through inclusion of the new mechanics of token that take in consideration few kinds of bitcoin in Terra ecosystem. In such aspect, Kwon announced that Terra is working for bringing some kind of tokenized bitcoin to Terra blockchain. It is in most decentralized form.

However, Do Kwon even explained that with inclusion of the bitcoin, UST will become the hybrid stablecoin. It allows the users to exchange almost $1 worth of the UST for $0.99 Bitcoin. This will also effectively permit the users to redeem through using UST with 1% premium. It is almost in same way that the LUNA mainly used. Kwon has also clarify that such mechanics would explained in near future with complete detailed way.

Explosion of Bitcoin

Kwon even expects the new version of tokenized in Terra ecosystem. It is for becoming the de facto of the reserve currency of various protocols that are built on the top of chain. This is about expanding to be a part of smart contract application which holds the treasury. Kwon also announced few numbers about the bitcoin Terra would buy in short term. However, terraform stated that company has the budget of buying $3 billion of bitcoin in short term. It announced that many of the bitcoin not bought yet.


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