Cryptoverse: 10 billion reasons bitcoin could become a reserve currency

FILE PHOTO: A Bitcoin and dollar note are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/File Photo

(Reuters) - A crypto platform's pledge to amass $10 billion worth of bitcoin to back its own "stablecoin" is firing up the market. It's part of a wider movement to crown bitcoin as the reserve currency of a new age.

Seoul-based Terraform Labs has so far built up nearly 40,000 bitcoin worth $1.7 billion in a series of purchases via a non-profit affiliate, Luna Foundation Guard, according to publicly available blockchain data.