Data from Bitinfocharts shows that Terra has added 2943 Bitcoin to its latest BTC reserve. The purchase was made on Wednesday, March 30. By that time, the cost of so many bitcoins was around $140 million (about Rs 1,064 crore).
This is not the first time that Terra has purchased such a large amount of BTC. Earlier, on March 22, about 1,500 bitcoins were added to the project’s BTC address in two transactions. The wallet shows that at the time of writing the news, Terra has a total of 30,000 bitcoins in this wallet, which is worth $ 1.5 billion (about Rs 11,398 crore).
A Cryptopotato report recently reported that Terraform Labs CEO Do Kwon informed that the company is preparing to issue a stablecoin (UST), which will hold BTC reserves instead of the US dollar, euro or any other fiat currency. will be supported by
In an interview with Bloomberg, he explained that “the reason we are particularly interested in bitcoin is because we believe it is the strongest digital reserve asset. UST is going to be the first internet native currency to be part of its monetary policy.” as follows the Bitcoin Standards.”
Reports suggest that following his announcement of the release of a BTC reserve-backed stablecoin, Blockchain CEO Adam Back, a popular figure in the cryptocurrency community, questioned where the money would come from. To which Kwon explained that the project will accumulate around $10 billion over time, but currently the project is set to deploy $3 billion for BTC accumulation.
,