Terra raises $32m in seed funding for price-stable crypto
Crypto specialist Terra has raised $32m in seed funding with investment from four out of six of the world’s largest exchanges (Binance, OKEX and Huobi and Upbit), and leading VC funds including Polychain, FBG, Arrington XRP, Translink Capital, Hashed and 1kx.
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’s go-to-market strategy involves a blockchain payment system for eCommerce platforms, mimicking the way PayPal and AliPay grew exponentially by piggy-backing off eBay and TaoBao.
Terra is already partnered with Asia’s leading eCommerce platforms, giving it immediate access to over 40 million customers and $25bn in annual sales.