A South Korean blockchain business called Terra (CEO Shin Hyung-sung) announced that it was able to successfully attract $32.3 million (36 billion KRW) in seed funding.
Investment subsidiaries of many top-ranked global cryptocurrency exchanges such as Binance Lab, OKEx, Huobi Capital, and Dunamu & Partners participated in this investment where Terra is looking to create a next-generation payment platform based on blockchain. Various investment funds such as Polychain Capital, FBG Capital, TransLink Capital, and Neoply are also investing in Terra.
Terra is planning to develop blockchain-based payment solution that can be used in daily lives through this seed funding. It is looking to grow its business fast by applying its payment solution to various e-commerce platforms.
Terra, which was co-established by Founder and Chairman Shin Hyun-sung of TMON, is already working closely with e-commerce platforms that represent Asian countries. 15 Asian companies such as Baedal Minjok, a global shopping platform called Qoo10, South-East Asia’s biggest second-hand sales business called Carousell, a Vietnamese e-commerce platform called Tiki made partnership with Terra. As number of partnering companies continues to increase, size of Terra Alliance is growing at a fast rate. It is expected Terra, which is based on Terra Alliance that has annual volume of business of $25 billion and 40 million customers, will become a payment solution that will be widely used in large-scale platforms.
“Terra will be applied to every type of financial products including loans and insurance.” said CEO Shin Hyun-sung of Terra.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com