Luna Foundation Guard Closed $1 Billion Funding Round Led by Jump Crypto and Three Arrows Capital

TokenInsight news, Singapore-based nonprofit Luna Foundation Guard (LFG) closed a $1 billion round of funding through an OTC sale of $LUNA, led by Jump Crypto and Three Arrows Capital, with participation from Republic Capital, GSR, Tribe Capital, DeFiance Capital and others. The funds raised will reportedly be used to establish a bitcoin-denominated forex reserve for Terra Stablecoin ($UST). LFG said that the reserve created through the $1 billion capital injection will effectively act as a “release valve” for $UST redemptions; it is designed to ensure that the price of the stablecoin remains pegged to that of the dollar during sharp selloffs in crypto markets.