Earth gets $ 32 million to build the future of money with blockchain


There seems to be, or will be, other Crazy Rich Asian in Singapore. Terra raised $ 32 million to fuel its vision for the creation of Project Terra, the next generation of digital money, based on blockchain and cryptocurrency technology.

Investors in the Singapore-based startup, which operates under the legal name Terraform Labs, include traditional funds such as TransLink Capital in addition to funds focused on the blockchain, including Polychain Capital, FBG Capital, Hashed, 1kx, Kenetic Capital, Arrington XRP and many others.

In a rare event, the capital investment weapons of four of the world's six largest cryptocurrency bursaries have also subscribed to the role of key investors, including Binance Labs, Okex, Huobi Capital and Dunamu & Partners ( the investment company of the Dunamu expansion operator).

Terra will invest the initial initial capital in the construction of a "modern" financial system on the blockchain. "

The team aims to solve the major obstacles to the mass adoption of digital currencies by creating a stable price cryptocurrency (" stablecoin ") that can be easily used on the land payment blockchain solution. 39. Investment has taken some form of equity investment, and the money raised is not strictly a symbolic sale.

The company will draw on ever-increasing volumes of e-commerce platforms.Earth uses a proven model that has worked very well for payment platforms like AliPay and PayPal, working with TaoBao and eBay respectively.To achieve this goal, it is building the Terra Alliance, a group of global e-commerce partners to guide the adoption and use of its payment system blockchain.

Above: Daniel Shin, co-founder of Terra.

Image Credit: Terra [19659009] "We are pleased to support Terra, which is It stands out from most other blockchain projects with its well-established and immediate e-go-to-market e-commerce strategy, "said Karthik Raju of Polychain Capital, in a statement. "Its existing technology and compelling business model is an ideal springboard for Earth to radically interrupt the way digital daily business is conducted on global consumer markets."

The Terra team is already deeply connected to the e-commerce sector. Co-founder Daniel Shin is the founder and president of TMON, a leading e-commerce platform in South Korea with a market value of nearly $ 4 billion and 9 million annual customers.

To date, 15 companies together with TMON have joined the Terra Alliance, including Woowa Fratelli, Qoo10, Carousell, Pomelo and TIKI – some of the fastest growing e-commerce companies in Asia. With a total of $ 25 billion in volume of annual transactions and 40 million customers, Terra Alliance could become the ground for Earth to become a medium of large-scale trading, the company said. Other partners will join the alliance as Terra expands its global footprint.

"From experience, I know that faster and safer transactions at a fraction of today's rates could be a turning point for many e-commerce platforms, we are thrilled to work with big partners and we can not see now. to test beta the Earth payment system in the fourth quarter of this year, "said Shim in Terra, in a statement. "However, our vision goes beyond the positioning of Earth as a reliable and secure means of exchange for e-commerce.The potential application of Earth is immense and we expect it to be used for all types and forms of financial products such as Loans and insurances. "

Terra was conceived in response to the need for a stable digital currency that is immune to the price volatility that comes from speculation and manipulation. This was a big problem for popular cryptocurrencies like Bitcoin.

However, the creation of a widely accepted digital currency is only part of the mission. In addition to being a currency, Terra hopes to evolve into an open platform where innovative financial dApps (decentralized apps) can be based on Earth stability. Finally, by bridging the gap between digital currencies and the application of the real world, Terra will help unlock the vast and yet to be realized potential of the blockchain to revolutionize nature itself and the form of money.

"While we see a lot of stablecoin coming out, Earth's journey is particularly significant as they are designing one of the few price-stable protocols with an existing, functioning and strong go-to-market strategy and use. from the founder's leadership and serious commitment to the business, and excited to support the team, "said Ella Zhang, manager of Binance Labs, in a statement.

Rivals include technologies like Hedera Hashgraph. Terraform Labs has 20 employees, mostly in South Korea.

Sign up for Funding Every Day : Get the latest news in your inbox every day of the week.

[ad_2]Source link