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Stablecoin project Terra receives funding from HashKey Capital

Fri, 23 Aug 2019, 11:35 am UTC

Blockchain startup Terra has received an investment from HashKey Capital, a Hong Kong blockchain investor and an affiliate of fintech company HashKey Group, Tech In Asia reported. The details of the investment have not been disclosed.

Terra is a “price-stable cryptocurrency” aimed at mass adoption. The project is backed by a roster of prominent investors including Binance Labs, OKEx, Huobi Capital, Dunamu & Partners, Arrington XRP Capital, as well as Kakao Ventures and Kakao Investment, among others.

As part of the investment deal, Terra and HashKey Capital will collaborate to introduce blockchain-based payment solutions in e-commerce and retail businesses across Asia.

“HashKey Capital has a great presence across Asia, especially in Hong Kong and mainland China, and we look forward to exploring those regions together,” said Terra co-founder Daniel Shin.

Terra aims to boost the adoption of its stablecoin and its blockchain-based payment solution. It is spearheading the Terra Alliance ecosystem – a stablecoin-focused association of large e-commerce companies.

In an online post dated February 27, Terra said that it had onboarded multiple strategic e-commerce partners in Korea and the Southeast Asian region with a combined Gross Merchandise Value (GMV) of $25 billion and a customer base of 45 million users. This includes TMON, Qoo10, Yanolja, Megabox, Musinsa, and many others.

South Korean business-to-business fashion platform Sinsang Market and music streaming platform Bugs joined the alliance this month.

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