Before Terra (LUNA) crashed, he was buying Bitcoin (BTC) and transferring it to his treasury. After his collapse, he had to sell all of these coins. Now, a move similar to Terra’s has come from another platform. The Osmosis Foundation behind Osmosis (OSMO) has converted some of its treasury assets into Bitcoin. Here are the details…
Like LUNA, Osmosis is converting its assets to BTC
The Osmosis co-founder revealed that the Osmosis Foundation has converted more than 10 percent of its treasury cash into Bitcoin. Osmosis is known as the largest decentralized exchange (DEX) in the Cosmos ecosystem. Osmosis is open source software built using the Cosmos Software Development Kit (SDK) under the Apache License 2.0. Unlike Bitcoin, Cosmos-based chains offer fast, environmentally friendly, low-cost transactions through Proof-of-Stake (PoS) consensus.
.@OsmosisFdn has converted a double digit percent of its "cash" treasury to #Bitcoin
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— sunnya97.osmo 🧪 ₿ (@sunnya97) March 19, 2023
Most recently, the Terra LUNA Foundation was on the agenda when it converted a large part of its treasure to Bitcoin. The foundation started buying BTC in March 2022. However, during the May crash, he had to sell his BTCs, causing selling pressure on BTC.
The amount of cash conversions is uncertain
Osmosis is not only the leading decentralized exchange, but also the leading chain in Cosmos by cross-chain transaction value. Osmosis also offers bridged non-IBC assets from the Ethereum and Polkadot ecosystems. Originally based on Balancer-style pools, Osmosis entered the market with a sustainable concentrated liquidity model with superior trading and liquidity providing experience. Previously, the treasury of the Osmosis Foundation consisted mainly of OSMO and USDC. The total amount of the treasury and the exact ratio of the amount converted to Bitcoin are unclear. The founder’s decision came as the Bitcoin price showed a strong recovery.
The cryptocurrency market offers many positive signs when the banking crisis in the US caused three central banks to close. Credit Suisse, Switzerland’s largest bank, is also showing a tendency to spread to Europe when it is acquired by USB group for $ 3.3 billion today. Moreover cryptocoin.comAs we have also reported, the FED and central banks are working to increase the liquidity of the dollar in order to avoid the risk of a cash race.
What’s the latest on OSMO price?
Although OSMO doesn’t show a big change in terms of price, it gets support from big names. One of the investors in Osmosis, for example, is Paradigm, a crypto-asset investment firm with stakes in numerous other blockchains and protocols such as Uniswap, Maker, and Coinbase. Meanwhile, OSMO is changing hands at $0.84, down 1.1 percent in the last 24 hours. The coin has moved sideways in the last 7 and 14 days, displaying a 2-3% change. However, it has lost nearly 16 percent in value in the last 30 days.
