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Luna Foundation Guard raises $1B to form UST reserve denominated in Bitcoin

Published 02/22/2022, 03:30 PM
Updated 02/22/2022, 05:00 PM
© Reuters.
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The nonprofit organization focused on the open-source stablecoin network behind Terra USD, Luna Foundation Guard, has closed on a $1 billion raise through the sale of LUNA tokens.

In a Tuesday tweet, Terra said Jump Crypto and Three Arrows Capital led the $1 billion round with participation from DeFiance Capital, Republic Capital, GSR, Tribe Capital and others. The platform said proceeds from the sale — $1 billion — would “go towards establishing a Bitcoin-denominated Forex Reserve for UST,” a stablecoin in the Terra ecosystem.

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