Terra, a blockchain-based company that is focused on building a new payment system, today announced a strategic investment from Kakao Ventures, the early-stage venture capital and independent subsidiary of South Korea’s internet giant, Kakao. Through this investment, Kakao Ventures will help accelerate the development and mainstream usage of Terra’s blockchain payment solution.
This investment is one of many strategic alignments between Terra and the larger Kakao family, South Korea’s leading IT company and messaging app operator with 50 million users. Terra has already partnered with Kakao’s blockchain platform Klaytn to explore ways in which Terra’s stable coin and payment system can be utilized on its public blockchain platform.
Following the investment from Kakao Ventures, Terra has also secured an investment from Kakao Investment, another independent arm of Kakao’s that recently reported to have invested $57 million in blockchain and AI.
[perfectpullquote align=”full” bordertop=”false” cite=”Daniel Shin, Co-founder of Terra” link=”” color=”” class=”” size=”16″]“Investments from Kakao Ventures and Kakao Investment are strong testaments to Terra’s ability to bring blockchain technology to the masses. Kakao has become a staple to its 50 million users worldwide. From instant messaging to online financial services, Kakao’s technology has transformed various elements of our daily routines. Through these strategic investments, we can leverage its unique expertise and insight into building mainstream products. We look forward to our future collaborations.”[/perfectpullquote]
[perfectpullquote align=”full” bordertop=”false” cite=”Shina Chung, CEO of Kakao Ventures.” link=”” color=”” class=”” size=”16″]“We expect Terra’s protocol to achieve stability in an unprecedented way, becoming the first truly useful digital currency by solving a lot of problems that asset-backed and pure algorithm based stable coin projects could not. Terra has crafted a unique go-to-market strategy with its massive Asian eCommerce alliance, and we look forward to supporting its team.”[/perfectpullquote]
Terra has designed a stable coin that can be used as a method of payment on its next-generation blockchain payment solution. It aims to become the first widely used cryptocurrency by pushing adoption through its formidable eCommerce alliance across Asia. To date, the Terra Alliance has a collective annual transaction volume of $25 billion and 45 million users, including Asia-Pacific giants such as TMON, Baemin, Carousell, Qoo10, and Tiki.