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Wednesday, August 10, 2022

Terra Founder Plans To Buy $10 Million BTC For Reserves

Kwon, the cofounder of Terra, underlined the fact that TerraUSD, their stablecoins, are supported by $10 billion or more by the reserves of BTC. This will result in an epic era for the standard of BTC. Do Kwon, and the founder of TFL have thought through the plan of accumulating $10 billion of BTC so that they can add in the reserves of stablecoins. 

Reason Behind The Big Decision Of Terra

The Blockchain platform that is decentralized is commonly known as Terra and it is famous for mining stablecoins. In a recent post on Twitter, Kwon said that Terra is not planning to sell LUNA, its most important asset in order to construct its reserves. He even added that electronic cash known as P2P, is very easy to spend and is also attractive in nature. 

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Kwon was contacted by Cointelegraph who wanted to make sure whether his plans for him are getting implemented or not. He commented that he cannot understand the difference as Terra is already buying BTC. He responded to the users of Twitter that the reserves of BTC they are buying will be used as forex reserves that will be decentralized and also for backstopping UST redemptions that are for the short-term. 

In another post, Kwon made fun of Jack Dorsey, the past CEO of Twitter, by stating that once he started buying bitcoin reserves, Twitter verified him. He posted this as Jack is a big bull of bitcoin. The plans that are discussed by Kwon came out publicly for the second time where he clearly stated that he wants to fortify all the reserves and back the stablecoins of Terra. 

It has also been in the news that TFL has donated $12 million to the LFG this Friday as they wanted this ecosystem to grow more and the stablecoins to become more sustainable.

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