Galaxy Digital Holdings Ltd (OTC: BRPHF) CEO Mike Novogratz has written a letter to shareholders of the company and the cryptocurrency community at large touching on Terra (CRYPTO: LUNA) and TerraUSD (CRYPTO: UST) fiasco that rocked the market recently.
What Happened: Novogratz, a Bitcoin (CRYPTO: BTC) bull who has a $500,000 price target on the coin for a 5-year timeline, said Galaxy Digital invested in LUNA in the fourth quarter of 2020 using “balance sheet capital.”
The investment was made on the premise of expansion centered around blockchain-native payments systems and the growth of the Chai app, built on Terra, in South Korea.
“Among other things, we analyze developer engagement, investor support, and network activity. Terra, the underlying blockchain, had hundreds …
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