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Three African Countries Plan to Adopt Cryptocurrency and Blockchain Solutions – Bitcoin News

Three African Countries Plan to Adopt Cryptocurrency and Blockchain Solutions – Bitcoin News
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Three African countries — namely Cameroon, the Democratic Republic of Congo (DRC), and the Republic of Congo — are reportedly planning to adopt cryptocurrency and blockchain solutions powered by The Open Network (TON). Separately, Cameroon is considering issuing a national stablecoin that is based on the same blockchain network.

Phased Adoption of the Solutions

The Democratic Republic of Congo (DRC) is reportedly considering issuing a national stablecoin that is built on blockchain, a statement released by The Open Network (TON) has said. In addition, the DRC, along with Cameroon and the Republic of Congo, are planning to adopt cryptocurrency and blockchain-based solutions powered by the TON.

According to TON’s statement, the announcement of the blockchain entity’s plan to deliver these solutions follows its successful engagements with each of the three countries. Adoption of TON’s crypto and blockchain solutions by the three countries will be phased, the statement suggested.

Democratizing the Financial System

Commenting on the possibilities of his country’s potential partnership with TON, the Republic of Congo’s Minister for Posts, Telecommunications and the Digital Economy, Léon Juste Ibombo, said:

The Republic of the Congo has been on this path for a number of years, having encouraged and witnessed the widespread adoption of mobile payments across the country. This is the next step in that journey and we believe that TON is the right partner to facilitate this. This will be an invaluable, practical instrument for the growth and creation of wealth, both for the government and our people alike.

Echoing similar sentiments, Ibombo’s counterpart from the DRC, Désiré Cashmir Eberande Kolongele, spoke of his country’s pride in taking this step. He said the issuing of the stablecoin democratizes “access to our financial system for millions of unbanked and underbanked citizens.”

For his part, the Cameroonian Minister of Posts and Telecommunication, Minette Libom Li Likeng, said: “The partnership with TON can play a fundamental role in the digital ecosystem of Cameroon for boosting the payment solutions and financial inclusion via CAMPOST, the public postal operator.”

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The Listing Of the $UIM Tokens on April 18th 2022 – Press release Bitcoin News

The Listing Of the $UIM Tokens on April 18th 2022 – Press release Bitcoin News
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press release

PRESS RELEASE. Universe Island is an action packed classic, third person shooting game that rewards players with $UIM tokens. These tokens fuel the Play-to-Earn ecosystem of the game and is scheduled to get listed at PancakeSwap on 18th April 2022. The launch of the beta version of the game and NFT marketplace would shortly follow.

The NFT Marketplace will allow players to stake UIM tokens to activate lootboxes, get special monthly NFT airdrops, governance rights on decision for the game as well as access to Whitelist after 6 months of staking!

The NFT cards will provide unique boosts for characters and can be traded at the NFT marketplace via UIM tokens with no additional fees or be displayed at the Metaverse Gallery. Furthermore, these NFT cards can also be viewed by players on characters in their real-time environment with our Augmented Reality (AR) Technology; thereby making Universe Island the first Play-to-Earn game enabling its players to view their heroes in real-life environment!

With the launch date getting closer, the team of Universe Island is geared to provide players with a P2E game that would take the experience of everyone- gamers and crypto enthusiasts to a whole new level. All you need is a phone and you are ready to go!

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap
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It was a quiet Friday for the NFT market, but as we close out mid-April, despite a slower number of eye-popping headlines, there is still strong engagement with NFTs. According to Nansen NFT data, April is on-par with March data regarding volume, transactions, and users. Alt-chains such as Terra, Avalanche, Cardano, Solana, and others, are likely eating into market share as their respective NFT markets begin to take shape (to the point where referring to them as “alt-chains” is practically disrespectful). 

Let’s close out the week with a refreshing ‘Nightly Mint‘ to head into the weekend.

The Nightly Mint

Latest Mint: Another Congressional Candidate NFT

We’ve seen a handful of potential congressional candidates across the U.S. look at NFTs as a potential fundraising option – but for the most part politicians have been steering away from addressing them publicly. Add another candidate who’s giving the ‘wild west’ landscape a try, Oregon’s Matt West. According to Axios, West has launched a ‘Crypto Beavers’ NFT collection ranging from 0.05 ETH to 1.5 ETH in pricing, and are expected to be released early next week. West, the Democratic candidate, is a Yearn Finance contributor and will release his NFTs on Ethereum.

Related Reading | ADA To Rebound With Integration Of USDT And USDC On Cardano?

Ethereum has been voiced by critics in the general population as one of the most energy-consuming chains available to the NFT market. That didn't slow potential congressional candidate Matt West from utilizing it for his fundraising effort. | Source: ETH-USD on TradingView.com

Emirates Going In Big With NFTs

Emirates is the latest brand to take a splash into NFTs, announcing a new NFT project aimed to address customer service and drive new revenues. The airliner doubled down, adding that their Emirates Pavilion at the Dubai Expo 2020 would be repurposed as an innovation hub aimed to help build future-first products that are involved with blockchain technology, NFTs, and/or Web3.

The ‘Minty Fresh’ Take

There are often a few tell-tale signs of potential NFT rugs. @zachxbt brings an insane cash flow graphic of monies that funneled across various NFT scam projects.

Related Reading | Ripple CEO Optimistic On SEC Case, Why XRP Saw Weak Response

Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Crypto and Blockchain Firms Constitute 16% of UAE Free Zone’s Record Q1 Company Registrations – Emerging Markets Bitcoin News

Crypto and Blockchain Firms Constitute 16% of UAE Free Zone’s Record Q1 Company Registrations – Emerging Markets Bitcoin News
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Crypto and blockchain firms constituted 16% of the 655 new company registrations that were recorded in Q1 of 2022, the Dubai Multi Commodities Centre (DMCC) has said. The surge in crypto-related registrations also coincided with a quarterly period in which the DMCC is reported to have recorded its “highest Q1 performance” since inception.

Rise in Registrations Attributed to the Launch of DMCC Crypto Centre

One of the UAE’s largest free zones, the Dubai Multi Commodities Centre (DMCC), has said 16% of the 655 new company registrations recorded in Q1 of 2022 were crypto and blockchain firms. The DMCC has attributed this surge in crypto and blockchain companies joining the free zone to the presence of the DMCC Crypto Centre, which was launched in May 2021.

According to a statement released by DMCC, the rise in the number of new registrations by crypto firms came during a quarter that has been named “the highest Q1 performance since 2002 inception.” In the statement, Ahmed Bin Sulayem, Executive Chairman and CEO at DMCC, touts the new milestone which is said to have cemented the free zone’s status as a “world-leading business destination.” The CEO explained:

The global economic climate remains challenging, however, Dubai’s reputation as a world-leading business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. Registering 665 new companies in the first three months of 2022 is another record broken for DMCC, and serves to show the huge potential on offer when joining our Free Zone in Dubai.

DMCC will continue with its efforts to attract ambitious firms that may be looking to set up in Dubai, Sulayem added.

Performance Better Than in Previous Quarters

Meanwhile, in the statement, DMCC revealed its key markets — namely India, U.K., Germany, and France — had performed better than in previous, similar quarters. According to the statement, Dubai company formations from China grew by 34%. The DMCC has attributed this growth to its “significant Mandarin engagement programmes that run country-wide throughout the year, and its representative office in Shenzhen.”

DMCC’s specific outreach programs to markets like Israel and Turkey resulted in quarterly company registrations originating from these jurisdictions rising by 350% and 100% respectively. According to the statement, DMCC has seen increased interest from trading hubs such as Indonesia and Vietnam.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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While Markets Consolidate, Crypto Fear and Greed Index Points to ‘Extreme Fear’ – Markets and Prices Bitcoin News

While Markets Consolidate, Crypto Fear and Greed Index Points to ‘Extreme Fear’ – Markets and Prices Bitcoin News
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18 days ago on March 28, the Crypto Fear and Greed Index tapped the “greed” position, scoring a 60 for the first time in four months. Since that day, bitcoin has lost more than $7,500 in USD value, and hit a low of $39,200 per unit on April 11. The downturn has pushed the Crypto Fear and Greed Index back down to the “extreme fear” position with a score of 22.

Crypto Sentiment Index Slides to ‘Extreme Fear,’ Bitcoin’s USD Value Is Down 35.7% Year-to-Date

On Friday, April 15, 2022, the price of bitcoin (BTC) has consolidated for now, after reaching a low four days ago. BTC’s 24-hour range on Friday has been between $39,823.77 to $40,709.11 per unit, with roughly $22 billion worth of global trading volume.

Bitcoin is down 7.2% this past week and two-week statistics show the leading crypto asset has lost roughly 11.3%. Year-to-date, bitcoin’s price against the U.S. dollar is 35.7% lower than a year ago today.

While Markets Consolidate, Crypto Fear and Greed Index Points to 'Extreme Fear'

While bitcoin’s market capitalization on Friday is around $767 billion it represents 38.91% of the current $1.97 trillion crypto economy. Today’s top trading pair with BTC is tether (USDT) with 60.88% of all trades worldwide. Tether is followed by USD (12.27%), BUSD (7.88%), JPY (4.09%), and KRW (3.28%).

On April 15, the Crypto Fear and Greed Index tapped the “extreme fear” position and has a current score of 22. Yesterday, it was 28 which represents “fear” and the week prior, the score was 37, which also means “fear.”

While Markets Consolidate, Crypto Fear and Greed Index Points to 'Extreme Fear'

The Crypto Fear and Greed Index leverages market sentiment and crunches it down into a simple number and description. Sentiment indexes are used in traditional financial markets as well. Financial businesses, universities, and media organizations like CNN, the University of Michigan, Nasdaq’s ISEE Index, and more use these sentiment indexes to gauge how the market feels.

Bitcoin is the ninth-largest global asset today, in terms of market capitalization, above Berkshire Hathaway’s market valuation ($760.36B), and below Tesla’s capitalization ($1.018T).

The last time the Crypto Fear and Greed Index tapped a 22 was March 22, or 24 days ago. The Crypto Fear and Greed Index hosted on alternative.me explains extreme fear and greed can have two meanings.

“’Extreme fear’ can be a sign that investors are too worried. That could be a buying opportunity,” the website explains. “When Investors are getting too ‘greedy,’ that means the market is due for a correction.”

Tags in this story
Bitcoin, Bitcoin (BTC), Bitcoin Obituaries list, CNN, Crypto, crypto economy, Crypto Fear, Crypto Fear and Greed Index, cryptocurrency exchange volume, emotions, Ethereum, Ethereum (ETH), Fear, Greed, ISEE, Sentiment, sentiment gauge, University of Michigan

What do you think about today’s Crypto Fear and Greed Index data reaching extreme fear? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Yield App’s New Referral Program Offers a Massive Bonus – Sponsored Bitcoin News

Yield App’s New Referral Program Offers a Massive Bonus – Sponsored Bitcoin News
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sponsored

Yield App, a thriving digital wealth platform, recently unveiled its hotly anticipated Referral Program and it was worth the wait. With up to 1,000 $YLD (more than $200 at the current price) available for both the referrer and the new customers being referred, it is easily one of the most lucrative referral programs in the digital wealth space.

A referred customer must sign up for a Yield App account and pass KYC level 2 to begin using the platform. They must then become a Silver Tier member and deploy $1,000 into any Yield App portfolio(s) for 30 consecutive days to earn their reward. At the end of this period, the existing customer and their friend both receive a reward of up to 1,000 YLD, chosen at random.

Unlike other similar promotions, Yield App’s Referral Program differentiates itself by giving new customers as long as they need to accumulate the necessary amount of assets to qualify for a referral reward. Customers can refer as many friends as they like, but the referred friend must be a new Yield App customer and each individual can only ever use one referral code.

With a mission to unlock the full potential of digital assets and make it available to the world, Yield App bridges traditional and decentralized finance in the easiest way possible. Customers simply deposit their digital assets to earn market-leading annual rates on stablecoins (USDT USDC, DAI and TUSD) as well as blue-chip cryptocurrencies BTC and ETH. At the core of the platform’s strategy is its $YLD token, which rewards loyal community members with a higher yield the more YLD they hold in their on-platform wallets.

Yield App has been making headway in the digital wealth space. Launched in February 2021, the platform has already amassed nearly 80,000 customers and over $0.5 billion in managed assets. With the launch of its hotly anticipated Referral Program, the company has made a bold statement regarding its longevity, after recently passing Armanino’s proof of reserves audit to bolster transparency.

 

 

 

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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ADA To Rebound With Integration Of USDT And USDC On Cardano?

ADA To Rebound With Integration Of USDT And USDC On Cardano?
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One of the best performer assets in the crypto top 10 by market cap, Cardano (ADA) keeps strengthening its ecosystem. As the network prepares for its next major Hard Fork Combinator (HFC) event, called Vasil, its DeFi sector could add some of the most popular assets in the space.

Related Reading | Majority Of Cardano (ADA) Holders In Loss As Price Slides To $1

At the time of writing, ADA’s price trades at $0.95 with a 2% profit in the last 24-hours.

ADA trends to the downside on the 4-hour chart. Source: ADAUSDT Tradingview

Cardano could soon have native support for Tether (USDT), and USD Coin (USDC). Charles Hoskinson, this network’s inventor, and CEO at Input Output Global (IOG), shared his enthusiasm for WingRiders.

A decentralized exchange running on Cardano, WingRiders partnered with another two projects called Flint Wallet and Milkomeda, created to provide sidechains with friendly user and developer UX, to launch these stablecoins on the mainnet.

According to a Medium post, Milkomeda will implement the Ethereum Virtual Machine on their Cardano sidechain. This sidechain will operate with a synthetic version of ADA called wrapped ADA (wADA).

In practice, this will allow users to leverage the Milkomeda sidechain and wADA to connect with Ethereum, as seen in the diagram below. This will remove friction from the process of trading ERC-20 tokens with native Cardano tokens. WingRiders said:

Milkomeda itself is an EVM based side chain of Cardano — supporting the ERC20 tokens stored for the user (for example on their Flint wallet or again using Metamask). A gateway will lock these ERC-20 tokens then issue Cardano native equivalents of these tokens on to the Cardano blockchain. This can be done via the Flint wallet.

Cardano ADA ADAUSDT
Source: Wingriders

Bitcoin And Ethereum To Integrate With Cardano (ADA)?

As WingRiders explained, the tokens on one side of the two chains will enter a smart contract to be “locked” as the synthetic versions are minted on the other side. In the case of the stablecoins, these digital assets will be “pre-mined” before the user request them and they will be “locked on the Cardano mainnet”.

In that way, users can benefit from a “simple” way to transact on this network. Stablecoin is some of the most important digital assets because it can operate as a “liquidity accelerator” and onboard new users, fresh capital, and new assets, such as Bitcoin and Ethereum, to the ecosystem.

However, bridges have become objects of attack by bad actors. Some of the biggest DeFi hacks in recent times have occurred on these platforms. Therefore, the potential for this partnership and ADA’s performance seems great, but not without potential tradeoffs.

Related Reading | Here’s Why ADA Could Replicate Ethereum’s 2017 bullish break-out 

The inventor of Cardano trusts the team behind the initiative. According to Hoskinson, IOG has been working with WingRiders for “years” on multiple projects. The inventor of Cardano said:

We’ve worked with the team for years. They are the ones who did the ledger integration for cardano and also adalite. I like and respect their engineers. They also caught the bug in Minswap and did a responsible disclosure saving the DApp from hackers. Good people get callouts.

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Uniswap Launches Swap Widget — Devs Can Embed the Dex With ‘One Line of Code’ – Defi Bitcoin News

Uniswap Launches Swap Widget — Devs Can Embed the Dex With ‘One Line of Code’ – Defi Bitcoin News
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On Thursday, Uniswap Labs, the company behind the popular decentralized finance (defi) protocol, Uniswap, launched a tool called the Swap Widget. Essentially, the widget allows developers and decentralized app (dapp) operators to embed the Uniswap decentralized exchange (dex) app with “one line of code.”

Software Engineers Can Now Embed Uniswap Swapping Functionality Into Web3 Dapps

One of the largest dex applications in terms of trade volume, Uniswap, announced the launch of a new widget tool that gives dapp operators the ability to integrate Uniswap into their third-party applications. The Uniswap blog post that announces the new Swap Widget explains that integration is easy as it only requires a single React component and one line of code.

“We envision a world in which everyone is able to access fair, open, and transparent markets,” the company said on Thursday. “The Swap Widget brings this vision closer to reality by allowing developers to easily embed Uniswap swapping functionality, allowing their users to seamlessly swap tokens, join a community or DAO, wrap assets, and more, without leaving their apps.”

The Swap Widget features a user interface that is customizable and for pricing the widget “bundles Uniswap Labs’ Auto Router to find the best price across Uniswap v2 + v3 token pools.” The widget also connects to layer two (L2) chains including Polygon, Arbitrum, and Optimism. Uniswap says that the Swap Widget is already available in a number of popular Web3 applications like Oasis.app, Friends With Benefits, and the non-fungible token (NFT) marketplace Opensea.

As of Thursday, the widget is fully available to embed into a Web3 application and people can follow instructions by leveraging Uniswap’s developer docs. In order to ask questions or get technical support, interested Swap Widget users need to join the group’s Discord channel. At the time of writing, Uniswap v3 has the largest trading volume out of a slew of dex protocols with $1.11 billion in 24-hour volume. There are 479 unique tokens available on Uniswap and roughly 923 pairs, according to dex platform statistics.

Tags in this story
dApps, DeFi, Defi Apps, Defi protocols, Devs, Embed Uniswap, Engineers, Software Developers, Swap Widget, Swapping, trading, uniswap, Uniswap V2, uniswap v3, Web3 Apps, Web3 Dapps

What do you think about Uniswap’s Swap Widget? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin Miners Receive Third Break This Year, Over 100K Blocks To Go Until The Halving

Bitcoin Miners Receive Third Break This Year, Over 100K Blocks To Go Until The Halving
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Bitcoin miners are celebrating the third break this year as their computational power increased due to a decrease of 1.26% in difficulty. This means that they will be able to mine more Bitcoins, and with it comes an endless supply of new coins. Miners also have another 108,160 blocks left until halving happens on or around May 3rd, 2024, which could bring some significant profits if prices keep going up.

On March 03, Bitcoin’s difficulty adjustment algorithm (DAA) dropped by 0.35% and again on March 17 by 1.49%. This is the third time in 2022 that the DAA dropped by 1.26% on Thursday at a block height of 731,808. 

Related Reading | Can The 600-Day MA Support Line Push Bitcoin Again?

Bitcoin saw a significant reduction in the difficulty adjustment algorithm on March 7, 2021. As a result, the DAA went down by 27.94%. This was one of the largest reductions in Bitcoin’s lifetime. However, since this change, the hashrate has increased.

With a 1.26% drop in DAA, miners find it easier to find the blocks. Two weeks ago, the difficulty was 28.59 trillion, and today with this decrease, the figures are 28.23 trillion. There are still 1,982 blocks left until the following DAA change.

Bitcoin is currently trading below its $40,000 support level with a 3.35% decline | Source: BTC/USD chart from Tradingview.com

Presently, the difficulty adjustment algorithm is expected to increase in the following change. The next DAA is estimated on April 28th. So the following change will happen two weeks from now. Using today’s Bitcoin price, the current block subsidy of 6.25BTC is worth $252,781. 

More Bitcoin Pools Joining As Just Over 100,000 Block Rewards To Go Until The Halving

Bitcoin miners get closer every day toward the block reward halving expected to occur on or around May 4, 2024. Some estimates assume it may appear on May 3, 2024. As a result, things are turning favorably for miners. Miners can expect a significant boost in revenue with this new halving schedule.

After halving, miners will see their reward cut in half, from 6.25 Bitcoins per block to 3.125 BTCs per block. The network produces about 900 coins daily (144 blocks), and Bitcoin’s inflation rate is 1.74%. So far, 90% of all imaginable bitcoins have already been minted- there are only 988481.23 left.

Related Reading | TA: Why Bitcoin Price Could Eye Strong Recovery Above $41.5K

It’s been a smooth few days for the mining community as difficulty continues to change, making it easier to find Blocks. Foundry USA currently holds top honors among all other pools over the last three days. They found 72 blocks and 16.63% or 33.54 EH/s of hashpower.

In recent days, some more pools have joined. For example, there were 11 known Bitcoin mining pools two weeks ago, but now the numbers are 14. 

Price Analysis

Bitcoin is currently trading at $39,775 at the time of writing. The coin is below its $40,000 support level. Bitcoin price has decreased 3.35% in the past 24 hours and 8.48% in the past week. 

                 Featured image from Flickr.com, chart from Tradingview.com

 

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Luna Foundation Purchases Another $5 Million in Bitcoin, LFG Wallet Holds 42,530 BTC – Bitcoin News

Luna Foundation Purchases Another $5 Million in Bitcoin, LFG Wallet Holds 42,530 BTC – Bitcoin News
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The Luna Foundation Guard (LFG) purchased an additional 123.89 bitcoin on Friday worth close to $5 million at the time of settlement. Since mid-March, Terra’s LFG has been acquiring bitcoin on a regular basis and after the purchase on Friday morning, the non-profit organization has approximately 42,530.827 bitcoin.

LFG Acquires Another Batch of Bitcoins for the Project’s Decentralized UST Forex Reserves

Ever since Terraform Labs founder Do Kwon said the Terra project would purchase $3 billion worth of bitcoin for Terra’s decentralized UST forex reserves, LFG has been acquiring quite a bit of BTC. Bitcoin.com News reported on LFG’s last buy when it obtained 2,508 BTC two days ago and the wallet held approximately 42,406.92 BTC after the acquisition.

On Friday, the non-profit organization LFG acquired a much smaller quantity of bitcoin as it deposited 123.89917 BTC worth close to $5 million at 1:55 a.m. (UTC). All of the funds deposited into the LFG address have stemmed from a Binance hot wallet, except for random dust transactions sent to the wallet on a daily basis.

Now LFG’s bitcoin wallet holds 42,530.827 bitcoin worth $1.71 billion at the time of writing. It is currently the 18th largest bitcoin wallet after 69 transactions that started on January 21, 2022.

The purchase of 123.89 BTC follows the creation of the Terraform Labs Global Founder Fellowship. “The aim of the Terra Global Founder Fellowship is to work with top tier early-stage VC firms, accelerator programs, and tech unicorn companies,” the Terraform Labs’ announcement explained on Wednesday.

The Terra Global Founder Fellowship partners include Jump Crypto, Delphi Digital, Outlier Ventures, Long Hash Ventures, SCB10X, Alpha Finance Lab, Ship Capital, Basis Set Ventures, and Insignia Ventures.

Terra’s stablecoin UST was also listed on Binance US on April 13, and UST’s market capitalization on April 15 is only $200 million away from surpassing the stablecoin BUSD’s market valuation. Terra’s UST has seen its market cap grow by 15.5% during the last 30 days.

LFG’s Gnosis safe address has seen a lot of action in recent times as well. The address recently saw a deposit of 86,923,440 tether (USDT) three days ago. This was after the non-profit withdrew approximately 100,000,000 USDT the day before.

Statistics show the LFG Gnosis safe address holds around $549.6 million in stablecoins with the most dominant being usd coin (USDC). The address currently holds $398.16 million worth of USDC, $151.4 million worth of tether (USDT), and a small fraction (0.056 ETH) of ethereum worth $168.56.

Tags in this story
$3 Billion, Balance, Binance US Listing, Bitcoin, Bitcoin (BTC), BTC, BTC balance, collateral, crypto assets, do kwon, Gnosis safe address, lfg, LFG’s bitcoin wallet, LUNA, Luna Foundation, Luna Foundation bitcoin, luna foundation guard, public companies, Stablecoin, Terra, terra (LUNA), Terra Blockchain, Terra Global Founder Fellowship, Terra’s Luna Foundation, terraform labs, Tether, UST, UST Stablecoin

What do you think about the Luna Foundation’s growing stash of bitcoins? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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