Terra (LUNA) blockchain developer Terraform Labs (TFL) has gifted the Luna Foundation Guard 10 million LUNA worth around $820 million at current prices.

The Luna Foundation Guard (LFG) is a nonprofit organization using the Terra. This charity based organization is tasking and collateralizing the network’s algorithmic stablecoin Terra USD (UST). The purpose is to keep it pegged with the U.S. dollar.

Moreover, Terraform Labs’ latest announcement came via Twitter on April 14. However, it did not outline what the funds would go towards specifically. The transaction data from Terra Finder shows that 7.8 million LUNA (roughly $630 million) was promptly transferred out of the LFG’s reserve wallet yesterday.

In addition, Some additional Avalanche (AVAX) tokens could be on the shopping list as well. Considering both TFL and LFG purchased $100 million worth of AVAX last week.

Following Terra’s recent (and ongoing) Bitcoin (BTC) buying spree, which includes the purchase of roughly 2,500 BTC ($100 million). So only two days ago, the wallet belonging to LFG became the 3rd largest holder of digital gold globally. It has a tail behind MicroStrategy and Tesla.

The latest donation to the LFG comes just over a month since Terraform Labs gifted $1.1 billion worth of LUNA, and it could be burnt to mint UST and grow its reserves.

According to the LFG’s accounting records, its total reserve balance stands at $2.44 billion at the time of writing. Along with the BTC representing around 70% of that figure at $1.71 billion.

Despite all of the bullish developments with Terra of late, the price of LUNA is down 7% over the last 30 days to sit at $81.65 at the time of scripting

The post Terraform Labs Adds Another $880M to Luna Foundation Guard appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Bitcoin in the wallets of LFG

LFG has now 39,897.98 of bitcoin in their wallet, which is worth about $1.67 billion.

In last week, LFG has also made the series of the digital asset purchase. It purchased about $230 million of the bitcoin on April 6 as well as $200 million in the AVAX on April 8.

Here, founder of Terra, Do Kwon says that the foundation of LFG plans to attain $10 billion in the bitcoin that open the latest monetary era of crypto standard. The price does not seem to move on news, as this is approximately down by 2% in previous 24 hours. Also, Luna Foundation Guard with pool that has bought again. This pool recently holds 40,000 BTC, that is worth few $1.675 billion.

The pool of Luna’s LFG has added next batch of Bitcoin for the stash – more than 4,000 BTC. Hence, to be much precise, it is worth of $176 million. The buying was also made with the average price of almost $42,590.

By such calculation, total BTC holdings of Terra has recently stand at 39,897 as well as these are also worth $1,675 billion. As reported, Terra started purchase of bitcoin back in march since the parts are enhancing the reserves for the algorithmic stable coin.

The company creating or developing Terra protocol & the ecosystem. It was revealed back that they usually intend to purchase bitcoin which is worth of amount $10 billion.

The post Treasury of Luna Foundation Holds 40,000 Bitcoin After Weekend Buying appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.