SINGAPORE-BASED startup Terra has secured an undisclosed strategic investment from LuneX Ventures, the blockchain and crypto-focused arm of Singapore's Golden Gate Ventures.
Terra is building a payment system on the blockchain. The fresh funds will be used for the expansion of Terra and its e-commerce network across South-east Asia. The company will be establishing its Singapore office and launching its payment product in the region by 2019.
Kenrick Drijkoningen, founding partner at LuneX Ventures, said: "We believe in Terra's go-to-market strategy of utilising e-commerce 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 has recently recruited new team members from leading companies within the financial sector, including a chief legal officer from Goldman Sachs, to take charge of its South-east Asia expansion plan.
"As Singapore becomes a hub for blockchain positivity and crypto enthusiasm, Terra remains focused on prioritising the country as a key market," said the company in a press statement.
Terra also has investments from Kakao Ventures and Kakao Investments, the venture arms of South Korea's Internet giant Kakao.