Blockchain.com Joins $150 Million Terra Ecosystem Fund
- Blockchain.com will also run a new validator node for the Terra network.
- The investment in LUNA comes after a hugely successful year that saw Blockchain.com surpass $1 trillion in crypto transactions.
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According to a blog post published on 30 August, Blockchian.com has joined Terra’s recently announced $150 million Terra Ecosystem Fund, which offers access to deals with projects building apps, protocols, or tools on the Terra Network.
As part of its entrance into the Terra ecosystem, Blockchain.com has also invested an undisclosed amount of funds into Terra’s native token LUNA, which is the staking and governance asset of the ecosystem, designed to absorb the short-term volatility of the suite of stablecoins deployed on the Terra blockchain.
Blockchain.com will also be running a new validator node for the Terra network, supporting a burgeoning ecosystem of more than 60 applications set to launch within the next several weeks.
The company’s latest announcement comes after a major milestone, with Blockchain.com having surpassed $1 trillion in crypto transacted on its platform. The majority of all transactions processed through Blockchian.com Wallets have taken place over the past two years, the company said in a blog post.
The company explained that its massive growth was seen across all markets—retail, institutional, and brokerage/exchange.
“What makes Blockchain.com unique is that we have a thriving business in three key parts of the market. With diverse sources of revenue, great products to meet consumer demand, and a team in place we’re confident we’ll see sustained growth for years to come,” Macrina Kgil, the CFO at Blockchain.com, said in the post.
- Blockchain network Terra said its website was compromised by hackers over the weekend, and warned users against ongoing phishing scams.
- The platform later froze its website to prevent the hackers from exploiting it, and reminded users to avoid websites with the terra.money domain for now.
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- Terraform Labs’ founder Do Kwon and CFO Han Chang-Joon were found guilty and sentenced to four months in prison for their use of forged Costa Rican passports.
- The Basic Court in the country’s capital Podgorica clarified that the time both individuals spent under detention in the country will also be taken into account.
- A district court in South Korea ruled that the token was not a security, noting that it was “difficult to see LUNA as financial investment product regulated by the Capital Markets Act”.
- Using this decision, the court dismissed the prosecution’s request to confiscate properties owned by Terraform Labs’ co-founder Hyun-seung Shin.