Terra, a Singapore-based digital money company that is designing a price-stable digital currency that will power the next-generation payment network on the blockchain, closed its $32M seed funding round.
Backers included Binance Labs, OKEx, Huobi Capital, and Dunamu & Partners (the investment firm of Upbit operator Dunamu), Polychain Capital, FBG Capital, Hashed, 1kx, Kenetic Capital, Arrington XRP Capital, TransLink Capital and others.
The company will invest the initial seed capital in building the modern financial system on the blockchain.
The team, led by Daniel Shin, 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. The company’s go-to-market strategy leverages the large transaction volumes of eCommerce platforms.
Beyond being a currency, Terra hopes to evolve into an open platform where innovative financial dApps can build upon its stability.