Cryptocurrency News

Terra buys $200M in AVAX for reserves as rival stablecoins emerge

04/08/2022

Less than a minute

2022.04.08 09:41

Terra buys $200M in AVAX for reserves as rival stablecoins emerge

Terraform Labs (TFL) and the Luna Foundation Guard (LFG) have announced they have purchased a combined $200 million worth of AVAX tokens from the Avalanche Foundation.

TFL, the company responsible for the development of the Terra blockchain, swapped $100 million worth of Terra’s native token, LUNA for AVAX tokens, in order to “strategically align ecosystem incentives”, according to Terra’s twitter.

Source: Zoran Kole

04/08/2022

Less than a minute

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