Binance Commits $500m To Elon Musk Acquiring Twitter, Luna Foundation Buys $1.5b Worth Of Bitcoin, Gucci To Accept Bitcoin In Selected Stores

Written by Crypto University

May 6, 2022

Binance Commits $500M to Elon Musk Acquiring Twitter

Binance, the biggest cryptocurrency exchange worldwide, has committed $500 million to help Elon Musk to buy Twitter. Thus far, Musk has raised over $7.1 billion from third-party investors, including an $800 million investment from venture capital firm, Sequoia Capital. 

Musk has raised capital through collateralized debt from global banks, including Morgan Stanley. He also plans to allow existing shareholders an option to contribute their shares to the buyout. This would include billionaire Twitter co-founder Jack Dorsey.

Changpeng “CZ” Zhao, the Binance founder, referred to the committee as “a small contribution to the cause” on Twitter after the news emerged. Twitter shares went up by 2% to $50.12, while Binance Coin (BNB) pumped from $399 to $414 following news of Binance’s commitment.

Luna Foundation Buys $1.5B worth of Bitcoin

This week, the Luna Foundation Guard (LFG), a non-profit organization that supports the Terra ecosystem, has acquired $1.5 billion worth of Bitcoin. The move is to boost the currency reserves for its US Terra (UST), its stablecoin. The LFG currently holds a total of $3.5 billion in Bitcoin. Their target is to accumulate $10 billion in Bitcoin by the end of the year. 

“The LFG’s mission to support the stability and adoption of the UST stablecoin continues with the latest deal acquiring BTC from Genesis for the UST Forex Reserve,” said Do Kwon, Co-Founder, and CEO of Terraform Labs (TFL).

Though a Bitcoin-backed stablecoin is considered controversial, the LFG is now the second-largest corporate holder of bitcoin – displacing Tesla.  

Gucci to Accept Bitcoin in Selected Stores

Gucci, a luxury fashion brand, will start accepting Bitcoin and other cryptocurrencies as payment in their physical stores. The new payment feature will pilot in five locations in the United States: at Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas. 

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” said Marco Bizzarri, the president and CEO of Gucci.

Written by Lindi Miti © Crypto University 2022

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