Terra firmly raises $32m funding for digital money ambitions
Terra has made good ground and closed its seed funding round with an initial $32 million raised to kickstart its digital money desires.
Attention earthlings! Terra is here.
According to the firm, which has offices in Singapore and South Korea, the capital investment arms of four of the six largest cryptocurrency exchanges have signed on as lead investors, including Binance Labs, OKEx, Huobi Capital, and Dunamu & Partners (the investment firm of Upbit operator Dunamu).
That’s not all. Several blockchain-focused funds, including Polychain Capital, FBG Capital, Hashed, 1kx, Kenetic Capital, Arrington XRP Capital, have also joined as investors alongside “mainstream” funds like TransLink Capital.
Terra will invest the initial seed capital in building its financial system on the blockchain. It wants to build a price-stable cryptocurrency (i.e. stablecoin) that can be used on its blockchain payment solution.
The company explains that its strategy will use the “large and ever-growing transaction volumes” of eCommerce platforms.
To that end, it is copying the models of payment platforms like AliPay and PayPal, “which grew by capturing the rising transaction volumes of TaoBao and eBay respectively”.
To drive this, Terra is integrating its payment system into the Terra Alliance.
The Terra team says it is already connected to the eCommerce industry, where co-founder Daniel Shin is founder and chairman of TMON, an eCommerce platform in South Korea with a total gross merchandise volume (GMV) of nearly $4 billion and nine million annual customers.
To date, a total of 15 companies along with TMON have joined the Terra Alliance, including Woowa Brothers, Qoo10, Carousell, Pomelo, and TIKI – who operate in Southeast Asia, Taiwan, Hong Kong and Australia.
According to the Terra Alliance, it has a total of $25 billion in annual transaction volume and 40 million customers.
