The cryptocurrency market has highly been dynamic in the past years, and this dynamism has now led to the emergence of another hot cryptocurrency, Terra.
Owing to the constantly surging value of most sought after cryptocurrencies like bitcoin, ether and dogecoin in the past few months, regular investors have started looking for stable coins like Terra with more predictable prices.
Terraform Labs, which handles the crypto-monetary project of the Terra, has gained prominence. It stated on Friday, in order to assist it to incubate several crypto ventures linked to Terra, investors like Arrington Capital, Lightspeed Partners, and Pantera Capital had promised $150 million.
Terraform Labs, the Terra cryptocurrency project supervisor has benefited from its increased popularity. Friday it was stated that the corporation offered 150 million dollars to support investors such as Arrington Capital, Lightspeed Venture Partners and Pantera Capital incubate many Terra related crypto startups.
So let’s get started with all you need to know about Terra.
What exactly is this new hot cryptocurrency?
Terra is a Terraform Labs blockchain project that promotes cryptocurrencies and financing applications of the firm. The U.S. dollars or UST that are attached to the U.S. dollar by an algorithm include these cryptocurrencies.
The terraform Labs.
In 2018, Daniel Shin and Kwon, now Chief Executive Officer of the company, launched the South Korean company Terraform Labs. Shin now runs the online payment services Chai, Terra’s partner, and is a 29-year old former employee of Microsoft. Kwon claimed that many Koreans used Chai services to purchase Terra coin goods such as theatre tickets.
Terraform Labs doesn’t make money from its cryptographic transactions and relies instead on external funding to operate, said Kwon. According to the PitchBook transaction monitoring tool, the fund has gathered $57 million from investors such as HashKey Digital Asset Group, the Divergence Digital Currency Fund, and Huobi Capital.
To build a digital financial system independent of leading banks and fintech app developers, Terraform Labs wants to employ the Blockchain of Terra and its accompanying crypt-currencies – including one that is tied to Korean won. Up to now his main source of growth has been in Korea, where customers have purchased things from retail outlets, like coffee, through Chai’s blockchain payment app. Kwon stated Mirror Trading App is growing in China and Thailand with its linked company.
Terra still has a long way to go to major crisis initiatives such as Ethereum.
Most Terra-related financial transactions have been carried on in Korea with its founders. Though, due to the growing interest in its partner, Chai, it is increasingly popular in Korea, it is too early to determine whether Terra monies will become more tractable in other countries.