Terra stablecoin developer Terraform Labs raises $150 million from Galaxy Digital, Pantera Capital and other investors

The Terra stablecoin developer Terraform Labs has raised $150 million from several major investors, including Arrington XRP Capital, Pantera Capital, Galaxy Digital and BlockTower Capital.

1/ We’re thrilled to introduce Terra’s new $150M Ecosystem Fund, which will propel Terra towards its next adoption phase; augmenting an accessible, cross-chain DeFi supersystem targeting mainstream adoption — supported by the amazing #LUNAtic community.https://t.co/554qBwtngL

— Terra 🌍 powered by Luna 🌕 (@terra_money) July 16, 2021

According to the press release, the $150 million commitments are for the Ecosystem Fund. Terraform Labs uses it to sponsor projects built on the Terra blockchain.

4/ The Terra Ecosystem Fund is supported by capital commitments of $150 million from an all-star team of investors, including:@arringtonXRPcap@BlockTower@Delphi_Digital@GalaxyDigitalHQ@hashed_official@lightspeedvp@Pantera_Capital@paraficapital

and many others.

— Terra 🌍 powered by Luna 🌕 (@terra_money) July 16, 2021

The company is known for issuing stablecoins pegged to various fiat currencies for e-commerce. The startup is also behind Asia-focused payment solution Chai.

In 2018, with support from Binance and Polychain, Terra launched TerraKRW pegged to the Korean won. To support it, the stablecoin relies on the issuance and burning of the LUNA token, which mitigates the asset’s volatility.

Terra is built on the Tendermint protocol, forming the Cosmos ecosystem.

Earlier in January 2021, Terraform Labs raised $25 million to expand the asset’s DeFi use from Galaxy Digital, Coinbase Ventures, Pantera Capital and other investors.

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