Terra, a price-stabled cryptocurrency that’s designed for mass adoption, has successfully secured $32 million through its seed funding round, which features investments from Binance Labs, OKEx, Huobi Capital, and Dunamu & Partners.
Terra describes itself as a protocol of money that ensures price-stability by algorithmically expanding and contracting supply. Terra claims its Stability Reserve makes a decentralized guarantee of solvency, protecting it from the speculative and regulatory risks that other currencies are exposed to. Terra is also reportedly integrating its payment system into the Terra Alliance, a formidable alliance of global eCommerce partners.
The crypto is reportedly backed by Luna, a decentralized asset that derives its value from transaction fees collected on the Terra network. It is also backed by Kenetic, Arrington XRP Capital, Passport, Capital, GBIC, Kakaoventures, Translink Capital, 1kx, Polychain Capital, and Biance Labs. Speaking about the development of the cryptocurrency, Daniel Shin, Co-founder of Terra, stated:
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.”
Terra went on to add that beyond being a currency, it hopes to evolve into an open platform where innovative financial dApps can build upon the currency’s stability.
