Kakao Ventures Backs Terra’s Blockchain-based Stablecoin Payment Solution
Terra has received funding from South Korea-based venture capital firm, Kakao Ventures. Terra is a blockchain-powered fintech company that is currently working on a future-proof payment processing platform. Kakao Ventures, on the other hand, is a subsidiary of the Kakao internet company. The funding will be used in promoting the mass adoption of the Terra payment solution.
This is not the first partnership involving Terra and a subsidiary of the Kakao group of companies. Kakao is the biggest technology company in South Korea. To put this into perspective, their messaging app has over 50 million registered users. Terra is working with Klatyn, the blockchain subsidiary of the Kakao group. This partnership is looking to integrate the Terra payment processor and stablecoin into the Klatyn blockchain ecosystem.
Additionally, Terra is one of the beneficiaries of the $57 million dedicated to blockchain and AI startups by Kakao Investment. According to Daniel Shin, as co-founder of Terra, the backing from Kakao Investment and Kakao Ventures is an indicator that their company is well-poised to promote the mass adoption of blockchain technology. Daniel added that Terra the partnership with Kakao will enable them to learn the strategy that has enabled the tech giant to create amass over 50 million clients.
Shina Chung, the CEO of Kakao Ventures, believes that the Terra protocol will provide a lasting solution to challenges that are currently associated with stablecoins. She also acknowledged the marketing approach adopted by Terra, particularly in Asia. Chung concluding by edging support for the further development of the Terra platform.
Ultimately, Terra aims to revolutionize the money system by introducing a stablecoin and a payment solution. The Asian eCommerce alliance started by Terra currently has 45 million users and transacts $25 billion every year. The Terra Alliance includes notable giants such as TMON, Baemin, Carousell, Qoo10, and Tiki.