Binance Contributes $32 Million in Crypto Stablecoin, Terra
A recent Coin Desk report revealed that the Founder of Ticket Monster (TMON), Danial Shin, has secured funding from cryptocurrency exchange giant, Binance for what seems like a crypto-backed stablecoin, Terra. More specifically, Binance invested nearly $32 million, and it makes sense as Terra already has an established userbase.
Ticket Monster TMON is considered one of South Korea’s high-performing e-commerce websites. In addition to this milestone, the new Terra project has already gained exposure among 40 million customers and other firms seeking partnerships. As for the partnerships, Terra managed to secure support from other e-commerce platforms as well, which include Woowa Brothers, Qoo10, Carousell, Pomelo and TIKI.
In discussing the firm’s goals, Shin explicitly hinted to Coin Desk that a potential threat is coming to form, especially for renowned Alibaba and Amazon within the Asian market. In particular, Shin was quoted saying,
“We’ve branded together all the e-commerce platforms in Asia that are not called Alibaba or Amazon to push Terra into the hands of many many people.”
Since Binance’s large investment, the exchange’s Head, Ella Zhang expressed interest in Terra, adding that it is more:
“meaningful” and has “existing, working and strong go-to-market strategy and usage.”
Shin hopes that his secured partnerships will result in “an efficient form of payment”, stressing the importance of reducing transaction costs. In order to achieve this respective goal, Shin found it necessary to offer a two-token system, i.e. Luna and Terra.
The Luna tokens will serve as a collateral on the network, while the latter will serve as the daily token in which payments are executed, that is, “using as needed”. Shin sees Luna as being a “decentralized equity” compared to traditional payment services providers like “Visa and Mastercard”.
While the overall concept is an interesting one, Shin still needs to pick an appropriate blockchain, and for the time being, options include either Ethereum, EOS, Orbs, Kakao’s Ground C or Upbit. Regardless, Shin is confident in having chosen Asia as their first target market, as the U.S reflects very low crypto adoption, which “makes very little sense” to him.