• Fri, 26 Apr 2019, 12:19 AM
  • All times are UTC
  • Edition:
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. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $5,199.57 (-5.02%)
  • Ethereum (ETH) $153.02 (-7.69%)
  • XRP (XRP) $0.287800 (-4.72%)
  • Bitcoin Cash (BCH) $264.97 (-5.26%)
  • Litecoin (LTC) $70.61 (-3.89%)
  • Bitcoin (BTC) $5,199.57 (-5.02%)
Apr 25, 2019 (Thursday)
Sumitomo Mitsui Banking Corporation to launch services on Marco Polo blockchain
Brave rolls out new opt-in feature to reward users with BAT tokens for viewing ads
China’s FX reserve regulator to pilot blockchain-based cross-border trade finance platform
NTT’s Thai subsidiary to open innovation lab with focus on Blockchain, AI, IoT
US SEC’s FinTech Forum to discuss DLT innovations and use cases for financial markets
Crypto wallet startup Ledger secures investment from Samsung amid leadership changes
MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool
Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology
Samsung working on Ethereum-based blockchain, could issue own token: Report
Apr 24, 2019 (Wednesday)
Bitfury, Final Frontier launch regulated bitcoin mining fund
Liverpool FC to partner with TRON
Samsung SDS launches next version of enterprise blockchain platform ‘Nexledger’
South Korean hospital to integrate blockchain-based health data management solution
Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report
University of Nevada, Reno teams up with blockchain startup Filament on smart city mobility project
Crypto exchange Coinbase shuts Chicago division
MIT and other universities team up to explore blockchain potential for management of academic credentials
Societe Generale issues €100m of covered bonds as security token on Ethereum blockchain
Apr 23, 2019 (Tuesday)
Blockchain identity startup Civic expands network with 12 automated retail partners
Binance launches decentralized exchange ‘Binance DEX’ on Binance Chain
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.