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Kakao Ventures, the venture capital subsidiary of South Korean internet giant Kakao, has made a strategic investment in stablecoin project Terra, NXT Alpha reported.
Terra was founded by Daniel Shin, who is also the founder and Chairman of TMON – a leading eCommerce platform in South Korea. The project is backed by a roster of prominent investors including Binance Labs, OKEx, Huobi Capital, Dunamu & Partners, Polychain Capital, FBG Capital, Arrington XRP Capital, and others.
Kakao Ventures’ investment in Terra follows Kakao’s partnership with the latter, announced in November 2018. Under the partnership, Kakao sought to apply its blockchain platform, called ‘Klaytn,’ to Terra’s blockchain-based payment system.
Through this investment, Kakao Ventures aims to accelerate the expansion and mainstream usage of Terra’s blockchain payment solution. In addition to Kakao Ventures, Kakao Investment, another independent arm of Kakao, has made an investment in Terra.
“Investments from Kakao Ventures and Kakao Investment are strong testaments to Terra’s ability to bring blockchain technology to the masses,” said Daniel Shin, cofounder of Terra. “Through these strategic investments, we can leverage its unique expertise and insight into building mainstream products. We look forward to our future collaborations.”
The investment from Kakao Ventures will be used to support Terra’s product development and launch, which is expected in the second quarter of 2019.
“We expect Terra’s protocol to achieve stability in an unprecedented way, becoming the first truly useful digital currency by solving a lot of problems that asset-backed and pure algorithm based stablecoin projects could not. Terra has crafted a unique go-to-market strategy with its massive Asian eCommerce alliance, and we look forward to supporting its team,” said Shina Chung, CEO of Kakao Ventures.
