Terra is founded by Daniel Shin who also the founder of TicketMonster raised $32 million from cryptocurrency exchanges like Huobi, Binance, and OKEx in a seed round to build a blockchain based stablecoin payment platform.
Terra would use the funds it raised to launch a stablecoin and would name it Terra and it would be the main currency for the companies new payment platform.
The startup is based out of South Korea and is on a mission to become the blockchain replacement for fiat currency payment platforms like PayPal and Venmo.
Terra is planning to achieve this mission by introducing a dual token system which includes Terra, a stablecoin, and Luna which would be a collateral token and determines its value from transaction fees generated on the Terra network.
The company believes that paying with cryptocurrencies or tokens should not be any different from any other traditional currency and Terra is designing their product where a user could select Terra as a payment option at checkout. The company states the user experience would be so simple that the user would not even know they are paying with cryptocurrencies.