Whale move! The founder of Terraform Labs and Ethereum competitor Terra Do Kwon has outlined plans to accumulate a whopping $10 billion worth of Bitcoin to add to the project's stablecoin reserves. Does this make you bullish on LUNA?
Cointelegraph reached out to Kwon to see if the plans were already in motion or it was just an idea being floated at this stage, and the founder simply responded:When users on Twitter asked Kwon what the BTC reserves will be used for, he responded that the funds will be used to backstop short-term UST redemptions and for a decentralized forex reserve.
In a tweet shortly after, Kwon also noted that, “We start buying BTC and Twitter verifies me, I see you Jack,” in a nod to Jack Dorsey, who is a Bitcoin bull and former CEO of Twitter.This is the second time this month Kwon has outlined plans to fortify the reserves backing Terra’s stablecoin.
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