Crypto Shorts Daily News Bulletin

Luna Foundation Guard seeks more than $1 billion to shore up UST stablecoin: sources

Mohak Agarwal
  • The Luna Foundation Guard (LFG) is looking to raise more than $1 billion to support the Terra blockchain ecosystem.
  • Algorithmic stablecoins like UST are meant to stay pegged one-to-one to the price of an underlying fiat currency such as the dollar.
  • UST dropped as low as $0.61 on Monday amid a wider sell-off in crypto markets.
  • The group is now looking to raise fresh capital from some of the industrys largest investment firms and market makers.
  • The deal, currently being negotiated, offers investors the opportunity to purchase LUNA tokens at a 50% discount.
  • LFG is also looking to lend $1.5 billion worth of bitcoin and UST to third-party trading firms.
20220218 Luna LFG Bitcoin Reserve Luna Foundation Guard seeks more than $1 billion to shore up UST stablecoin: sources
Luna Foundation Guard seeks more than $1 billion to shore up UST stablecoin: sources 2
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