Blockchain startup Terra gets funding from HashKey Capital, to expand alliance in Asia
Singapore-based blockchain startup Terra announced that it had secured an undisclosed sum from HashKey Capital, which is an affiliate of HashKey Group, DealStreetAsia reported.
HashKey Group is a Hong Kong-based fintech company that focusses on investments in blockchain assets traded on exchanges, fundamental research, and technical analysis.
Terra stated that it plans to use the funding to expand its e-commerce and retail alliance across Asia.
Terra is cryptocurrency that is price-stable and seeks to boost payment network and grow the real GDP of the blockchain economy. It does so by partnering with e-commerce firms such as South Korea’s Ticket Monster (TMON), Singapore’s Carousell, and Vietnam’s Tiki.
In an interview with TechNews, the company explained that its cryptocurrency was conceived in response to the need for a stable digital currency, that is immune to the price volatility that comes with speculation and manipulation.
It also aims to bridge between digital currencies and real-world applications by becoming an open platform where financial apps can be built upon its promised stability.
To keep the price stable, Terra is backed by a decentralised asset called Luna, that derives its value from transaction fees collected on the Terra network.
As for HashKey Capital, the company released a statement regarding its decision to invest in the startup.
“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,” said Deng Chao from HashKey Capital.
In terms of partnership, Terra has sparked several integrations with prominent fintech companies especially in Korea, such as mobile payments app Chai, in which Terra’s Alliance’s two e-commerce partners power its online transactions with blockchain technology.
Another blockchain-empowered partnership in Korea that it has seen is with music streaming Bugs and B2B fashion platform Sinsang Market.
Before this round of funding, Terra secured another undisclosed amount from LuneX Ventures, the blockchain-focussed investment arm of Golden Gate Ventures in May. Kakao Ventures, the investment arm of South Korean internet provider Kakao, has also invested in the company.