Saturday, October 1, 2022
HomeBusinessDespite Crypto Slowdown, Terra Adds Over Rs 765 Crore Bitcoin To Its...

Despite Crypto Slowdown, Terra Adds Over Rs 765 Crore Bitcoin To Its Reserves

Cryptocurrencies have been going through a bearish phase recently. However, this slowdown doesn’t seem to have an effect on Terra. The most popular cryptocurrencies like bitcoin and ether started trading on a downtrend on 15th April. Tokens like Solana, Cardano also opened with a fall. Meanwhile, Terra has further added to its bitcoin treasury. Despite the recent slump in the cryptocurrency market, Terra has bought more bitcoins worth $100 million (approximately Rs 765 crore), the platform revealed on Twitter.

In early 2022, Terraform Labs founder and CEO Do Kwon announced his intention to launch a stable coin (UST). This coin will be backed by bitcoin reserves worth $10 billion, instead of fiat money (a government-validated currency).

Since this revelation, Terra has bitcoin The reserve began to increase. It made the first two transactions in March in which it bought around 1500 bitcoins (BTC) in each transaction. Shortly thereafter, Terra bought 2,943 bitcoin (BTC) in a single transaction.

As the platform stated in its plan, it continued to buy bitcoin in April while continuing to replenish its bitcoin reserves. At the beginning of the month, it bought bitcoins worth $ 230 million (about Rs 1761 crore). A few days later, the Luna Foundation Guard (LFG) bought a digital currency worth $176.

the last few days cryptocurrency There is a slowdown in With all bitcoin price There is a downward trend in (Bitcoin Price). It has come under the price of 40 thousand dollars (about 30 lakh rupees), which is its lowest level since March. Despite this, Terra is still spirited and on April 13 it revealed that it has added $100 million worth of bitcoins (approximately Rs 765 crore) to its reserves.

- Advertisement -


Two Wheeler


Digit News