• Thu, 22 Aug 2019, 05:25 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Crypto industry’s who’s who pump $32M into new stablecoin project 'Terra'

Thu, 30 Aug 2018, 03:26 am UTC

A new project aimed to create a price-stable digital currency – Terra – has secured $32 million in a seed funding round which saw participation from well-known global funds and investment arms of leading cryptocurrency exchanges.

The round was led by Binance Labs, OKEx, Huobi Capital, and Dunamu & Partners (the investment firm of Upbit operator Dunamu) and also drew support from leading global blockchain-focused funds, including Polychain Capital, FBG Capital, Hashed, 1kx, Kenetic Capital, Arrington XRP Capital, as well as mainstream funds like TransLink Capital.

Terra has been founded by Daniel Shin, who is also the founder and Chairman of TMON – a leading eCommerce platform in South Korea. TMON claimed the “unicorn” title in 2017 when it closed a $115 million funding round, which brought its valuation to around $1.2 billion at the time.

“From experience, I know that faster, more secure transactions at a fraction of today’s fees could be a game-changer for many eCommerce platforms. We are excited to be working with great partners and look forward to beta-testing Terra’s payment system in Q4 of this year,” Shin said.

Terra will invest the funding towards the creation of price-stable cryptocurrency, or “stablecoin”, which can be readily used on its blockchain payment solution. According to the Terra whitepaper:

“Terra is a cryptocurrency price-pegged to a basket of currencies much like the IMF’s SDR. At genesis, the composition of the basket will exactly mirror the composition of the SDR, but the basket will, over time, include basic goods and services with worldwide usage and appeal such as gold, corn, and timber.”

In order to drive rapid adoption, Terra announced the “Terra Alliance” – an alliance of global eCommerce partners. According to the official release, 15 companies have joined the alliance so far including TMON, Woowa Brothers, Qoo10, Carousell, Pomelo, and TIKI.

“Beyond being a currency, Terra hopes to evolve into an open platform where innovative financial dApps can build upon Terra’s stability,” it added.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,013.80 (-2.71%)
  • Ethereum (ETH) $186.14 (-1.81%)
  • XRP (XRP) $0.265600 (-0.64%)
  • Bitcoin Cash (BCH) $300.82 (-2.35%)
  • Litecoin (LTC) $72.75 (-1.62%)
  • Bitcoin (BTC) $10,013.80 (-2.71%)
Aug 22, 2019 (Thursday)
Indian Supreme Court grills RBI for cryptocurrency banking ban
Cryptopia customers did not have individual wallets; liquidator Grant Thornton to manually determine crypto ownership
Korean crypto exchange Prixbit shuts down over financial crisis
Crypto Technicals: BTC/USD below $10K, breach of 'Symmetric Triangle' could plummet prices further
Aug 21, 2019 (Wednesday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
European Commission looks into “potential anti-competitive behavior” of Facebook's Libra: Report
Thailand’s Siam Cement Group seeks to expand Corda-based ‘Procure to Pay’ solution to 2,400 suppliers by 2020
Crypto Technicals: BCH/USD rejected at cloud, violation at 200-DMA to open up downside
Blockchain settlement startup Fnality adds former UBS and IMF executives to management team
Austrian telecom giant A1 to offer cryptocurrency payment option
Japan's Amaten, Aelf to revolutionize gift card market using blockchain
Crypto Technicals: Monero (XMR) recovery falters at major trendline resistance, slips below cloud
Blockchain securities issuance platform iownit.us obtains approval from FINRA
Crypto Technicals: ETH/USD struggles to extend gains beyond $200 mark, bias bearish below 200-DMA
Square Crypto hires Blockstream co-founder Matt Corallo to boost bitcoin adoption
Commonwealth Bank of Australia develops blockchain-based marketplace and token to protect biodiversity
Crypto Technicals: Bitcoin fails to take out $11K mark, tumbles below 55-EMA support (10428)
EMURGO inks MOUs with South Korean trade associations to boost Cardano adoption
China may launch its central bank digital currency ahead of Facebook's cryptocurrency Libra
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.