TRON DAO Reserve Bought BTC and TRX for $60 Million Amid Market Crash
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.
🥂@ankr has officially become the fourth member and whitelisted institution of #TRON DAO Reserve. Welcome aboard 🥳
We will strive to effectively function as the decentralized crypto reserve to consolidate the value of #USDD as a true settlement currency. 💪 pic.twitter.com/WmaeWWqHjZ
— TRON DAO Reserve (@trondaoreserve) May 10, 2022
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.
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