Luna Foundation Guard Raises $1B For UST Stablecoin Reserve – February 22

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $37,765

Bitcoin price found a bottom in the $36,000s overnight, bouncing back toward $38,000 to begin Tuesday.

Top-20 altcoins have had a rough 24 hours of trading, as Ethereum falls 4%, XRP tumbles 10% and Cardano takes a 7% hit.

Top Stories for February 22, 2022 πŸ”₯

πŸ‘‰ Luna Foundation Guard Raises $1B For UST Stablecoin Reserve

Non-profit organization, the Luna Foundation Guard, has successfully raised $1 billion in funding for a Bitcoin-based reserve for the Terra UST stablecoin.

The fund is designed to provide more stability to UST in times of market uncertainty, with Bitcoin being the least-correlated cryptocurrency to LUNA – the Terra-native token that backs UST.

Jump Crypto and Three Arrows Capital led the funding round, which was carried out through a sale of LUNA tokens.

πŸ‘‰ Huobi Exchange Looks To Return To US Market

Former cryptocurrency exchange giant Huobi is looking to re-enter the US market. The move comes several months after closing access to Chinese customers last year to comply with regulations – eliminating one-third of its revenue in the process.

According to co-founder Du Jun, the company is not necessarily focusing on exchange services, but may also provide traditional financial services.

πŸ‘‰ Bitpanda Acquires Trustology, Will Provide Crypto Custody Services

Austria-based crypto exchange Bitpanda has acquired UK company Trustology, an FCA-approved cryptocurrency custodian and wallet provider.

Bitpanda will be rebranding the company to “Bitpanda Custody” and will be offering its own crypto custody services, with a focus on institutional investors.