Singapore Blockchain Payments Startup Terra secures investment from HashKey Capital

Mon Aug 26, 2019 - 6:30am UTC
Terra

Terra

26/8/2019 – Terra, a Singapore-based and South Korean-focused blockchain provider and stable coin issuer has received a strategic investment from blockchain investor HashKey Capital.

An affiliate of Hong Kong fintech company HashKey Group and also a strategic partner of Wanxiang Blockchain Labs, HashKey Capital primarily invests in blockchain assets traded on exchanges, based on fundamental research and technical analysis.

Regarding the investment, CEO of HashKey Capital Deng Chao commented, “We believe in Terra as one of the most feasible solutions for blockchain-based, global payments,”

“We have decided to invest in Terra so that we can grow our portfolio of promising fintech companies in both Korea and Asia, as well as diversify it with up-and-coming startups in the blockchain space.”

While the funding amount has not been disclosed, Terra said the newly raised capital and partnership will help it expand its ecommerce and retail alliance across Asia.

“HashKey Capital has a great presence across Asia, especially in Hong Kong and mainland China, and we look forward to exploring these regions together” said Daniel Shin, the co-founder of Terra.

This funding round from HashKey Capital follows an investment not too long ago in May whereby it has raised an undisclosed sum from LuneX Ventures, the blockchain-focused investment arm of Golden Gate Ventures.

Previously, the startup had also received funding from Kakao Ventures, the investment arm of South Korean internet giant Kakao earlier this year.

Terra is a price-stable cryptocurrency that aims to power the next-generation payment network, in addition to growing the real GDP of the blockchain economy.

The startup is boosting the use of its stablecoin to become the first prevalent cryptocurrency by pushing adoption through strategic partnerships with various ecommerce firms such as South Korea’s Ticket Monster (TMON), Singapore’s Qoo10, and Vietnam’s Tiki.

In recent news, the startup has also added Korea’s music streaming giant Bugs and B2B fashion platform Sinsang market to its payment provider network.

So far, Terra has on boarded 25 strategic partners in its network, totalling a Gross Merchandise Value (GMV) of US$25 billion and a customer base of 45 million users.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.