Luna Foundation Buys 6,000 BTC To Support Its UST Stablecoin
As Bitcoin Continues to Make a Comeback, Luna Foundation, the Organization Behind the best performing popular Terra (LUNA) and the Terra ecosystem, has confirmed the purchase of 6,000 Bitcoin, worth approximately $250 million.
The Luna Foundation Guard (LFG) had previously explained that the Bitcoin would be used to UST, a stable currency published by Terra. According to the LFG, the BTC will be packaged on Cosmos and deposited in smart contracts that support the algorithmic stablecoin.
The Luna Foundation is trying to secure its ecosystem by backing its UST reserves with Bitcoin by holding a less correlated asset, a replication of countries backing their currencies through other assets, mostly gold.
The news comes just days after Terra founder Do Kwon hinted that the project would buy $3 billion worth of Bitcoin for its stablecoin reserves. If this is true, the Luna Foundation could buy more Bitcoin in the future.
Backing the Terra ecosystem with Bitcoin reduces the chance of failure, because the underlying asset comes from another asset.
Coinbase Adds Cardano Staking Rewards, ADA Jumps 15% To New High
Coinbase, the Largest US Crypto Exchange, Continues Its Offering This Time add stakeout support for ADA, Cardano’s own token. The current estimated annual return for ADA strike on Coinbase is about 3.75% APY.
Since the announcement was made, Pool.com reported that 23 new Cardano pools were created in less than 24 hours. 1.5 billion ADA coins were wagered in these new Cardano pools, bringing the total ADA wagered to almost 74%.
The news comes shortly after Cardano was listed with the highest allotment in Grayscale’s New Smart Contract Fund† The wave of events has put ADA in an uptrend, with the coin gaining more than 15% in the past 24 hours.
Cardano’s (ADA) 24-hour price chart. Source: Trading Display
In the past seven days, ADA has gained 37%, the biggest gain in the top 20 cryptos. In the process, ADA peaked at $1.15, its highest value in six weeks. Cardano now has a market cap of $38.8 billion and is the 7th largest cryptocurrency.
Cardano’s (ADA) seven-day price chart. Source: Trading Display
Cardano’s rally is being driven by important developments as his developers consistently making optimizations to improve the performance of its blockchain.
El Salvador Taps Binance For Bitcoin Acceptance, US Senators Raise Flag Over El Salvador’s Bitcoin Experiment
President Nayib Bukele of El Salvador announced that he will meet Changpeng Zhao, the founder and CEO of Binance. However, President Bukele says the meeting will not be about the Bitcoin bond, as it would be issued by Bitfinex†
The meeting revolves around El Salvador’s implementation of Bitcoin as legal tender. Central American country seeks help promoting greater Bitcoin adoption in the country†
Despite the critics, President Bukele still puts a lot of bets on Bitcoin and has said the reason for the delay in bond issuance was due to internal pension reforms.
Meta Files 8 Crypto and Web 3 Patent Applications, South Korea SK Group to Issue a Crypto
since Meta, formerly Facebook, teased its metaverse in October 2021, nearly every megacorporation has filed a trademark application in the metaverse. Meta has now filed eight trademark applications related to blockchain and the proposed metaverse.
Meta’s area of interest includes: web3gaming, e-commerce, blockchain transactions, virtual reality entertainment† AR/VR adonline social networking, and dating services, among others.
South Korea’s second largest conglomerate, SK Group, has announced that it is preparing to issue its own cryptocurrency through the company’s investment arm, SK Square. SK Square will also build a blockchain service for its partners to facilitate the issuance of cryptocurrencies.
The financial giants want to set up a virtual economy to connect their group of ICT companies. The company will become the first subsidiary in the top 10 South Korean conglomerates to develop a native crypto token.
PUBG Creator, Krafton, Signs Long-Term Agreement with Solana Labs
Krafton, the gaming company behind the popular battle royale game Player Unknown’s Battlegrounds (PUBG), announced on Wednesday announced a long-term agreement with Solana Labs. Krafton wants to explore Web3 gaming, NFT assets and the crypto ecosystems.
The South Korea-based gaming company announced in the press release that its plans for the Solana Labs partnership include the “development and operation of blockchain and NFT-based games and services.”
The agreement gives Krafton official rights to begin developing blockchain games on Solana networks. It could also be that Solana integrates Krafton’s games into the Solana ecosystem.
The partnership could be the start of web3 and blockchain gaming in the multi-billion dollar gaming industry.