The next generation blockchain payment system, Terra, announced that it has earned a strategic investment from LuneX Ventures, the crypto-focused investment arm of Golden Gate Ventures. This investment will enable Terra to further its expansion through Southeast Asia and Singapore.
Terra’s growth owes to an ever-growing eCommerce alliance across Asia. This alliance holds a collective annual transaction volume of $25 billion and 45 million customers. The man behind Terra is Daniel Shin, who founded TMON and achieved the highest percentage of gross revenue from mobile devices of any Korean e-commerce company.
Terra will be the first ever stablecoin project to work with LuneX. This announcement comes on the heels of Terra receiving investments from Kakao Ventures and Kakao Investments, the venture arms of South Korea’s internet giant Kakao.
At LuneX, we recognize South Korea as a thriving crypto capital. With a tech-savvy population and amazing entrepreneurial talent, we think it’s the perfect environment for projects to expand not just in Asia, but globally as well,” said Kenrick Drijkoningen, Founding Partner at LuneX Ventures. “We believe in Terra’s go-to-market strategy of utilizing eCommerce as a vehicle to drive mass adoption of its stablecoin. We are excited about its upcoming launch in South Korea, and look forward to working closely as they expand to Singapore.
Terra is proud to have received this crucial investment from LuneX Ventures as we move forward in our efforts to expand in the Southeast Asia region,” commented Daniel Shin, Co-Founder of Terra. “Being backed by a prestigious VC such as LuneX, in association with Golden Gate Ventures, only furthers our credibility in the space as we prepare for a launch in Korea. We thank LuneX for its confidence in us and have no doubt that they will be immensely helpful in growing Terra into a digital payments leader in Asia.
Terra’s mining token LUNA was also recently listed on the Coinone Exchange, with more details around future listings to follow. In January, Terra launched Mongolia’s first ever blockchain payment system.