LongHash Partners with Terraform Labs for Web3 Development Acceleration on Terra

The Web3 investment fund – LongHash Ventures – teamed up with Terraform Labs to establish the LongHashX Accelerator Terra cohort. Join will reach founders and startups working in the Terra ecosystem.

Terra’s Latest Partnership

According to a document that was seen by CryptoPotato, the agreement will bring Terra’s first global accelerator program to market. LongHash Ventures promised to invest in and accelerate the development of the next generation Web3 protocols based on the Terra Blockchain. In addition to that, the investment fund will also provide up $500,000 funding for numerous Terra projects.

Emma Cui – Founding Partner of LongHash Ventures – said her company is “thrilled” to join efforts with Terraform Labs.

“We have been very impressed by the protocols and development of the Terra ecosystem, and we are very excited to continue to expand our accelerator partnership model with one of the world’s leading Web3 ecosystems,” she added.

LongHash Ventures’ 12-week program will be joined by ten projects starting from June this year. Those entities will receive guidance across six areas: product strategy & design, governance, tokenomics, community building, tech mentorship, and fundraising.

LongHashX will host weekly workshops and hold discussions with industry leaders. A Demo Day will take place at the end of each program. This will allow companies to meet investors.

Commenting on the initiative was also Do Kwon – Co-Founder and CEO of Terraform Labs:

“The new Terra cohort unlocks a streamlined pathway for builders to pursue bold ideas replete with first-class resources, workshops, and guidance – further accelerating a wave of innovation in the Terra ecosystem.”

It is worth noting that LongHash Ventures’ collaboration with Terra is a continuation of engagements with other crypto protocols such as Polkadot, Filecoin, and Algorand.

Terra’s BTC Purchases

Do Kwon announced earlier this year that he would release a stablecoin (UST), backed by bitcoin reserves and not any fiat currency. The project began to accumulate significant amounts of BTC shortly thereafter.

Towards the end of March, Terra made its first two purchases – both for around 1,500 bitcoins. It purchased an additional 2,943 BTC for $140 million a few days later (calculated at transaction prices).

Terra added $230,000,000 in bitcoin to its wallet today, April 6. The average transaction cost between $45,000-$45,500. The protocol’s total balance now stands at $1.61 billion, or 35,767 BTC.

 

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