Blockchain startup Terra, headquartered in Singapore, has received an investment from HashKey Capital, a Hong Kong-based blockchain investor and an affiliate of fintech company HashKey Group. According to a report by Deal Street Asia, details of the investment amount have not been disclosed.
According to a press release, the two parties will work together to bring blockchain-based payment solutions to e-commerce and retail businesses throughout Asia.
“We believe in Terra as one of the most feasible solutions for blockchain-based, global payments,” said Deng Chao, CEO of HashKey Capital. “We have decided to invest so that we can grow our portfolio of promising fintech companies in Korea/Asia, as well as diversify it with up-and-coming startups in the blockchain space.”
Terra has created a price-stable cryptocurrency or stablecoin that can be used as a means of payment on its blockchain-based payment solution. It aims for the stablecoin to become the first widely used cryptocurrency by driving adoption through collaboration with e-commerce companies like South Korea’s Ticket Monster (TMON), Singapore’s Carousell, and Vietnam’s Tiki.
The company recently announced that it has partnered with Korean mobile payments app Chai, which is currently available on TMON, to allow for online transactions with blockchain technology. It has also partnered with two other Korean firms; music-streaming platform Bugs and business-to-business fashion platform Sinsang Market.
In May, Terra received an undisclosed investment from LuneX Ventures, Golden Gate Ventures’ investment unit centered on blockchain-focused projects. Earlier this year, the startup also received funding from Kakao Ventures, the investment arm of South Korean internet behemoth Kakao.
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