Luna Foundation buys AVAX for $100 million to secure UST

08.04.2022 20:30
by Artem Ustinov
1 min read

Luna Foundation buys AVAX for $100 million to secure UST

Luna Foundation Guard continues to accumulate reserves to back its own UST stablecoin, and is buying $100 million worth of AVAX tokens.

Luna Foundation has previously purchased $1 billion worth of Bitcoin, and AVAX is the second token to enter the stablecoin reserves. The company continues to create collateral for UST for $10 billion.

LFG will purchase tokens from the Avalanche Foundation with UST in an OTC deal. Unlike the organization’s bitcoin reserves, AVAX will be stored on the asset’s native blockchain.

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  • Crypto analyst and practitioner trader with the law and managerial education. Active investor and crypto enthusiast. Worked as an analyst and copywriter in a brokerage company. Accompanied by DAO and NFT projects of different levels of complexity.

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