Luna Foundation Guard Raises $1 Billion To Form Bitcoin-Denominated UST Reserve By Cointelegraph

©Reuters. Luna Foundation Guard Raises $1 Billion to Form a Bitcoin-Denominated UST Reserve

The open source stablecoin network-focused nonprofit organization behind USD, Luna Foundation Guard, has closed a $1 billion raise through the LUNA token sale.

In a tweet on Tuesday, Terra said that Jump Crypto and Three Arrows Capital led the $1 billion round with participation from DeFiance Capital, Republic Capital, GSR, Tribe Capital and others. The platform said proceeds from the sale, $1 billion, “will go towards establishing a currency reserve denominated in for UST,” a stablecoin in the Terra ecosystem.

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