Amid the market meltdown, the team behind the TRON DAO Reserve announced two acquisitions for the project’s stablecoin. Additionally, they welcomed Ankr as the fourth member of the Reserve.
- The past five days have been nothing short of turbulent in the cryptocurrency space, with bitcoin losing nearly $10,000 and the altcoins following suit.
- While some blame the current landscape on Terra and its controversial UST stablecoin, TRON has decided to strengthen the backing of its own, which operates in a similar manner.
- The TRON DAO Reserve announced earlier today the purchase of 500 BTC with an average price of $31,031 for over $15.5 million, as well as buying nearly 600,000,000 TRX for $45,641,630. Overall, the organization spent over $60 million on the pair.
- It argued that the move comes in an attempt to “safeguard the overall blockchain industry and crypto market.”
- Separately, Justin Sun’s brainchild said it had welcomed Ankr as the fourth member and whitelisted institution.
- Apart from the TRON DAO Reserve, El Salvador also bought the dip, as reported yesterday. The nation’s president – Nayib Bukele – said the country had purchased the same exact amount (500 BTC) but at a slightly lower average price of $30,744.