LongHash Partners With Terraform Labs to Accelerate Web3 Development on Terra

LongHash Ventures, the Web3 investment fund, teamed up Terraform Labs in order to create the LongHashX Terra cohort. Join will reach founders and startups working in the Terra ecosystem.

Terra’s Latest Partnership

According to CryptoPotato’s documents, Terra’s first global accelerator program will be brought to market by the agreement. LongHash Ventures pledged to invest in and accelerate the development of the next generation Web3 protocols built on the Terra blockchain. The investment fund will provide funding up to $500,000 for many Terra-related projects.

Emma Cui, Founding Partner at LongHash Ventures, stated that her company is thrilled to be able to work with Terraform Labs.

She said, “We have been impressed by the protocols and the development of Terra ecosystems and we are excited to continue our accelerator partnership model avec one of the leading Web3 ecosystems in the world.”

The 12-week LongHash Ventures program will be joined in June by ten projects. These entities will be provided with guidance in six areas: product design, governance tokenomics, community building and tech mentorship.

LongHashX will host weekly workshops and hold discussions with industry leaders. The program will conclude with a Demo Day where participants can interact with investors.

Do Kwon, Co-Founder and CEO at Terraform Labs, commented on the initiative.

“The Terra cohort offers builders a simplified path to pursue bold ideas. It is replete with first class resources, workshops and guidance. This will further accelerate the Terra ecosystem’s innovation.

It is important to note that LongHash Ventures’ partnership with Terra is a continuation and engagement with other crypto protocols like Polkadot Filecoin and Algorand.

Terra’s BTC purchases

Do Kwon announced earlier this year that he would release a stablecoin (UST), backed by bitcoin reserves and not any fiat currency. The project began to accumulate significant amounts of BTC shortly thereafter.

Terra made its first two bitcoin purchases towards the end March. Each purchase was for approximately 1,500 bitcoins. It purchased an additional 2,943 BTC for $140 million a few days later (calculated at transaction prices).

Terra added $230 million more bitcoins to its wallet earlier today (6 April). Transactions were executed at an average cost of $45,000 to $45,500. The total balance of the protocol now amounts to $1.61 billion or 35,767 BTC.

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