Cosmos Largest DEX Osmosis Convert 10% Of Treasury Cash Into Bitcoin
- Sunny Aggarwal, the co-founder of Cosmos Eco-DEX Osmosis, says he has converted at least 10% of his cash fund assets into Bitcoin.
- Osmosis is the largest dex in the Cosmos ecosystem.
- Bitcoin continues to show a strong recovery – the most prominent cryptocurrency once traded above the $28,000 mark.
As bitcoin records many positive signals for an uptrend, the co-founder of the Osmosis Foundation announced that he would convert 10% of his cash fund into Bitcoin.
The Osmosis co-founder claims that the Osmosis Foundation has converted more than 10% of the cash in the treasury into Bitcoin.
Osmosis is known to be the largest dex in the Cosmos ecosystem. Osmosis is open-source software built using the Cosmos Software Development Kit (SDK) under the Apache License 2.0. Unlike Bitcoin, Cosmos-based chains offer fast, eco-friendly, low-cost transactions through Proof-of-Stake consensus.
Osmosis is not only the leading decentralized exchange but also the leading application-specific chain on Cosmos by cross-chain transaction value.
Previously, it mainly consisted of OSMO and USDC. The total amount of the treasury and the specific conversion rate to bitcoin are uncertain.
The founder’s decision comes as the Bitcoin price shows a strong recovery. The cryptocurrency market is also offering many positive signs when the banking crisis in the US caused three central banks to close it also tends to spread to Europe when the large Swiss bank Credit Suisse was also acquired by USB group for $3.3 billion today.
The Fed and central banks worldwide are working to increase the dollar’s liquidity to prevent the risk of a cash race.
Bitcoin continues to show a strong recovery – the most prominent cryptocurrency once traded above the $28,000 mark. The BTC.D index (BTC market share relative to crypto market cap) also rose above the 46% mark, its highest since mid-last year, suggesting that the current uptrend comes entirely from Bitcoin’s internal strength, while other altcoins have yet to catch up.
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