Web3 investment fund LongHash Ventures has partnered with Terraform Labs to establish the LongHashX Accelerator Terra cohort. The union product will aim to reach founders and startups building on the Terra ecosystem.
Terra’s Last Association
According to a document seen by CryptoPotato, the deal will bring Terra’s first global accelerator program to market. Following the deal, LongHash Ventures committed to accelerating and investing in the next generation of leading Web3 protocols based on the Terra blockchain. Aside from that, the investment fund will also provide up to $500,000 in financing for numerous Terra-related projects.
Emma Cui, founding partner of LongHash Ventures, said her company is “delighted” to join forces with Terraform Labs.
“We have been very impressed with the protocols and development of the Terra ecosystem, and are very excited to continue expanding our accelerator partnership model with one of the world’s leading Web3 ecosystems,” he added.
Ten projects will join LongHash Ventures’ 12-week program starting in June this year. Those entities will receive guidance in six areas: strategy and product design, governance, tokenomics, community building, technology mentoring, and fundraising.
LongHashX Accelerator will host weekly workshops and host discussions with industry leaders. At the end of the program, there will be a Demo Day, where companies will be able to interact with investors.
Also commenting on the initiative Do Kwon, co-founder and CEO of Terraform Labs:
“The new Terra cohort unlocks a streamlined path for builders to pursue bold ideas packed with world-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 BTC Purchases
Earlier this year, Do Kwon revealed his intentions to launch a stablecoin (UST) backed by bitcoin reserves instead of any fiat currency. Shortly after, the project began to accumulate considerable amounts of BTC.
Towards the end of March, Terra made its first two purchases, both for around 1,500 bitcoins. A few days later, he bought an additional 2,943 BTC worth approximately $140 million (calculated at prices at the time of the transaction).
Earlier today (April 6), Terra added another $230 million worth of bitcoins to his wallet. Transactions were made at an average price between $45,000 and $45,500. The total balance of the protocol is now $1.61 billion, or 35,767 BTC.
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This post LongHash Partners with Terraform Labs to Accelerate Web3 Development on Terra
was published first on https://cryptopotato.com/longhash-partners-with-terraform-labs-to-accelerate-web3-development-on-terra/