It seems like South-Korean is putting a lot of effort for digital money. Previously, Samsung announced a blockchain keystore to be featured in Galaxy S10. Now, another startup company is putting effort on building a new generation of digital money. Terra seeks to build the future money based on cryptocurrency and blockchain.
Desentralized Stablecoin as a solution
Terra was found by Daniel Shin and Do Kwon. The startup company has attracted more than 40 million users in its initial launch in 2018. Its’ concept of decentralized stablecoin gains more faith than other means of digital money that deemed unstable.
The desentralized stablecoin means that it conceived its cryptocurenccy in response to the need for a stable digital currency. That makes it immune to the price volatility that comes with speculation and manipulation.
Terra Project as the biggest plan
The company is planning yet another strategy to bring the currency further. It raised $32 million in its round of funding in 2018 to boost up the Terra Project. The project is to make a new payment system using the currency.
The Singapore-based company is holding hands with a lot of e-commerce companies from around the world. That means, when Terra Project is available, people can use its cryptocurrency to buy goods. The company started with TMON, a South Korean leading e-commerce company. Because Daniel Shin, Terra co-founder, is the founder and chairman of TMON.
Apart from TMON, there are other 15 companies joining the mob. It includes Woowa Brothers, Qoo10, Carousell, Pomello and TIKI. Some of them are Asian e-commerce giants. In total, Terra Alliance has $25 billion annual transaction volume and 40 million customers.
Not just stopping at e-commerce, Shin and Kwon have bigger dreams. Just as Shin said in a statement,
“The potential application of Terra is immense, and we foresee it being used for all types and forms of financial products, like loans and insurance.”
With the nonexistent volatility, Terra might be able to realize its’ plans soon. As volatility that has been the biggest problem for other cryptocurrencies such as Bitcoin.
