Terra, a cryptocurrency designed to support a next generation payment network, has collected $32m in its seed round.
Commitments to the round came from cryptocurrency exchanges including Binance Labs, OKEx, Huobi Capital, and Dunamu & Partners.
There were also a handful of blockchain-focused investors taking part such as Polychain Capital, FBG Capital, Hashed, 1kx, Kenetic Capital, Arrington XRP Capital, among others. TransLink Capital was also among the investors to the seed round.
Terra is a price-stable cryptocurrency which is designed for mass adoption, and will be used on the companies blockchain-based payments solution. The company is looking to expand beyond just being a cryptocurrency, with plans to evolve into an open platform for decentralised applications to develop themselves. Once digital currencies and real-world applications have melded, Terra hopes to capitalise on the potential of blockchain.
Through this investment, the company will look to build ‘the modern financial system on the blockchain.’
Terra co-founder Daniel Shin said, “From experience, I know that faster, more secure transactions at a fraction of today’s fees could be a game-changer for many eCommerce platforms. We are excited to be working with great partners and look forward to beta-testing Terra’s payment system in Q4 of this year.
“However, our vision goes beyond positioning Terra as a trusted and secure medium of exchange for eCommerce. The potential application of Terra is immense, and we foresee it being used for all types and forms of financial products like loans and insurance.”
Last month, Binance Labs made an undisclosed investment into decentralised lending network Libra Credit.
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