TERRA’S FOUNDER DO KWON ‘LOOKS FORWARD TO BUILDING WITH BITCOIN’.

TERRA’S FOUNDER DO KWON ‘LOOKS FORWARD TO BUILDING WITH BITCOIN’.

On March 21, 2022, Bitcoin.com News announced that the Terra founder Do Kwon and his clues about buying billions in bitcoin (BTC). After being questioned why the project was eying BTC reserves, Do Kwon said that: “Bitcoin is the only hard reserve asset that’s been proven out of the digital currencies… It is very difficult for somebody in crypto to question bitcoin.”

Backing the report, the digital currency influencer Lark Davis tweeted that the Terra (LUNA) project had made its first buy. “Luna makes its first purchase of bitcoin worth 125 million dollars,” Davis said. The crypto influencer’s tweet has already been retweeted over 450 times and has close to a 4K likes on Twitter at the time of writing.

On Tuesday, the professed $125 million in BTC purchase has been trending alot on social media. While there has been no official statement of the bitcoin (BTC) purchase by Terra, a Gnosis safe address reportedly to be owned by Terra moved $125 million worth of USDT to Binance.

The same day, BTC advocate and the director of growth marketing at Kraken, Dan Held, received the Terra community. “I welcome all projects and protocols that want to build on Bitcoin/use Bitcoin,” Held tweeted. “Excited to see what [Do Kwon] and the Terra community will do.”

Do Kwon replied to Held’s commentary and responded: “Looking forward to building together.” The co-founder of Stacks, an open-source smart contract platform for Bitcoin, Muneeb Ali also replied to Held’s Twitter thread. “This is the way,” Muneeb Ali tweeted. “[The] Bitcoin community was welcoming to developers pre-2016. We can do the same now. Developers can use Bitcoin however they want, it only makes BTC stronger.”

 

Terra (LUNA) and the network’s stablecoin UST have seen notable growth over the last year. Year-to-date, LUNA is up 323% against the U.S. dollar and the stablecoin UST is the fourth-largest USD stablecoin by market valuation with $15.6 billion.

On Tuesday, the co-founder and CEO of Blockstream, Adam Back, asked Do Kwon about where the billions of dollars were coming from. Terra’s founder replied by revealing that the Blockstream executive that the organization has $3 billion in “funds ready to seed this reserve,” but he added that “technical infrastructure (bridges etc) is still not ready yet.”

Moreover, Terra’s founder also described how the funds were raised by the Terra ecosystem and Luna Foundation Guard (LFG). “It’s BTC or tether,” Do Kwon told Back on Tuesday. “1B was raised recently and 1.2B LFG raised by selling UST against tether, 0.8B or so left to go,” Terra’s founder added.

Esther Anochie