Terra raises US$32 million in seed funding

KUALA LUMPUR, Aug 30 (Bernama) – Terra has closed its seed funding round with an initial US$32 million (RM132.05 million) raised for creating the next generation of digital money. (1US$ = RM4.13)

Terra is designing a price-stable digital currency that will power the next-generation payment network on the blockchain.

In a rare event, the capital investment arms of four of the six largest cryptocurrency exchanges globally have signed on as lead investors, including Binance Labs, OKEx, Huobi Capital, and Dunamu & Partners (the investment firm of Upbit operator Dunamu).

An impressive list of leading global blockchain-focused funds, including Polychain Capital, FBG Capital, Hashed, 1kx, Kenetic Capital, Arrington XRP Capital and many others, have also joined as investors alongside major mainstream funds like TransLink Capital.

Terra will invest the initial seed capital in building the modern financial system on the blockchain.

The team aims to solve key barriers to the mass adoption of digital currencies by creating a price-stable cryptocurrency (‘stablecoin’) that can be readily used on Terra’s blockchain payment solution.

Terra is using a proven model that has worked tremendously well for payment platforms like AliPay and PayPal, which grew by capturing the rising transaction volumes of TaoBao and eBay respectively.

To drive the same kind of rapid adoption, Terra is integrating its payment system into the Terra Alliance – a formidable alliance of global e-commerce partners on an unprecedented scale.

To date, 15 companies along with TMON have joined the Terra Alliance, including Woowa Brothers, Qoo10, Carousell, Pomelo, and TIKI - some of the fastest growing e-commerce companies in Asia-Pacific servicing Southeast Asia, Taiwan, Hong Kong, Australia and other major markets.

With a total of US$25 billion (RM103.16 billion) in annual transaction volume and 40 million customers, the Terra Alliance sets the stage for Terra to become a medium of exchange at massive scale. More details on https://terra.money/

-- BERNAMA