The Web3 investment fund – LongHash Ventures – teamed up with Terraform Labs to establish the LongHashX Accelerator Terra cohort. The join product will aim to reach founders and startups building in the Terra ecosystem.
Terra’s Latest Partnership
According to a document seen by CryptoPotato, the agreement will bring Terra’s first global accelerator program to market. Following the deal, LongHash Ventures vowed to accelerate and invest in the next generation of leading Web3 protocols building on the Terra blockchain. Apart from that, the investment fund will also provide up to $500,000 in funding to numerous projects related to Terra.
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.
The LongHashX Accelerator will host weekly workshops and organize 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.
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
Earlier this year, Do Kwon revealed his intentions to release a stablecoin (UST) backed by bitcoin reserves instead of any fiat currency. Shortly after, the project started accumulating 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, it bought an additional 2,943 BTC worth approximately $140 million (calculated at prices at the transaction time).
Earlier today (April 6), Terra added another $230 million in bitcoin to its wallet. The transactions were carried out at an average price between $45,000 and $45,500. The protocol’s total balance now stands at $1.61 billion, or 35,767 BTC.