Frax Finance May Purchase Large Amounts of Major Cryptos to Back its Stablecoin

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Today’s Cryptocurrency Headline

Algorithmic stablecoin protocol Frax Finance has announced that it is considering buying billions of dollars worth of mainstream cryptocurrencies (ETH, BTC, etc.) as reserve collateral for its stablecoins. However, instead of buying only bitcoin as is the case with Terra, Frax intends to acquire the native assets of all blockchains where the stablecoin has been issued, including Ethereum, Avalanche, BNB Chain, Fantom, Harmony, Polygon, Solana and Arbitrum.

BingX’s Bitcoin Chart

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Stock and cryptocurrency trading platform Robinhood announced today at the Bitcoin 2022 conference that it plans to add the Bitcoin Lightning Network to its platform to speed up BTC transactions. BTC is down 2.8% over the last 24 hours and has fallen to an intraday low of $42,258.62. The moving averages have flattened out over the previous few days, and the relative strength index (RSI) is near the midpoint, suggesting the Bulls lost their advantage.

 

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