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LongHash partners with Terraform Labs to accelerate Web3 development on Terra

Web3 Investment Fund, LongHash Ventures has partnered with Terraform Labs to form the LongHashX Accelerator Terra team. Participating products will be geared towards reaching founders and startups building in the Terra ecosystem.

The deal will bring Terra’s first global accelerator to market. Following the deal, LongHash Ventures promises to accelerate and invest in the next generation of leading Web3 protocols built on the Terra blockchain. In addition, the fund will also provide funding of up to $500,000 for a variety of Terra-related projects.

Emma Cui, Founding Partner of LongHash Ventures, says her company is “delighted” to be joining development efforts with Terraform Labs.

“We are very impressed with the protocols and growth of the Terra ecosystem, and we are excited to continue expanding our model of accelerator collaboration with one of the leading Web3 ecosystems in top of the world,” she added.

LongHash Ventures’ 12-week program will feature 10 projects starting in June of this year. Those projects will receive instruction in six areas: strategy and product design, governance, tokenomics, community building, technology mentoring, and fundraising.

LongHashX Accelerator will host weekly seminars and hold panel discussions with industry leaders. At the end of the program, there will be Demo Day where companies will be able to interact with investors.

Earlier this year, Do Kwon revealed his intention to issue a stablecoin (UST) backed by Bitcoin reserves rather than any fiat currency. Soon after, the project began to accumulate a significant amount of BTC.

At the end of March, Terra made the first two purchases, both for around 1,500 BTC. A few days later, they bought another 2,943 BTC worth about $140 million (at the time of transaction).

Earlier today, Terra added another $230 million in Bitcoin to its wallet. Trades are executed at an average price of $45,000 to $45,500. The protocol’s total balance is currently $1.61 billion, or 35,767 BTC.