The Luna Foundation Guard has acquired another $1.5 billion in bitcoin for its UST reserve through an OTC sale of luna, its governance token.
"The jury's still out on the effectiveness on the subject, but I think it is symbolic in the sense now that we live in a time where there's excess money printing across the board and when monetary policies highly politicized that there are citizens that are self-organizing to try to bring systems back to a sounder paradigm of money," Kwon added.On Thursday, the price of bitcoin declined about 5%., the governance token of the Terra blockchain, slid 7%.
"The corporate buying of bitcoin can greatly influence the value of the currency and the space itself," said Joel Kruger, crypto strategist for LMAX Group."With more demand from institutions comes added liquidity and longer-term interest, while validating the asset class at the same time." "There's traditionally been this gulf between where crypto native market participants are participating and Terra is on the far end of that, it's designed by crypto-native people for crypto-native people," said Josh Lim, head of derivatives at Genesis Global Trading.
Genesis has one of the largest wholesale lending businesses in crypto. By participating in this transaction with the Luna Foundation Guard, the company is building its reserves in luna and UST and using them to interact with their borrowing counterparties, who may be looking to get access to the crypto ecosystem in a risk-neutral way.
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