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Terra, a stablecoin raises $32 million from Huobi, Binance, OKEx and many more

· cryptovevo
terra

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.

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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.