![\"Binance](\"http:\/\/forklog.media\/wp-content\/uploads\/2018\/08\/Daniel-Shin_1-712x1067.jpg\")
Terra co-founder Daniel Shin \/ Photo credit: Terra<\/p><\/div>\n
In a rare event, the capital investment arms of four of the six largest cryptocurrency exchanges globally have signed on as lead investors, including Binance Labs, OKEx, Huobi Capital, and Dunamu & Partners (the investment firm of Upbit operator Dunamu).<\/p>\n
An impressive list of leading global blockchain-focused funds, including Polychain Capital<\/a>, FBG Capital, Hashed, 1kx, Kenetic Capital, Arrington XRP Capital and many others, have also joined as investors alongside major mainstream funds like TransLink Capital.<\/p>\n Co-founded by Korean entrepreneur Danial Shin, who founded and chairs TMON, one of the top e-commerce websites in South Korea, the Terra project<\/a> is launching with a significant number of partners that already reach 40 million customers. Those partners, who will together form the Terra Alliance, a group of e-commerce sites that are interested in incorporating the stable coin into their business, include Woowa Brothers, Qoo10, Carousell, Pomelo and TIKI.<\/p>\n \u201cFrom experience, I know that faster, more secure transactions at a fraction of today\u2019s fees could be a game-changer for many eCommerce platforms. We are excited to be working with great partners and look forward to beta-testing Terra\u2019s payment system in Q4 of this year,\u201d <\/strong>explained Daniel Shin, Co-founder of Terra. \u201cHowever, our vision goes beyond positioning Terra as a trusted and secure medium of exchange for e-commerce. The potential application of Terra is immense, and we foresee it being used for all types and forms of financial products like loans and insurance.\u201d<\/strong><\/p><\/blockquote>\n Terra was conceived in response to the need for a stable digital currency that is immune to the price volatility that comes with speculation and manipulation.<\/p>\n According to Shin, Terra coins will be backed by \u201ca decentralized stability reserve\u201d comprising a second cryptocurrency.<\/p>\n \u201cTerra uses a dual-token system, which is composed of Terra \u2013 the stable coin \u2013 and Luna, the collateral token,\u201d <\/strong>he explained. \u201cWhen demand and price of Terra goes up, we can print more Terra to bring the price back down.\u201d<\/strong><\/p><\/blockquote>\n Some of this new supply will be returned to users in the form of discounts, giving them an incentive to pay with Terra.<\/p>\n \u201cOn the other hand, when demand goes down and the price of Terra drops, we need to be able to buy back Terra and burn it,\u201d<\/strong> noted Shin.<\/p><\/blockquote>\n The startup will use its stash of Luna coins to purchase Terra in order to maintain solvency in the ecosystem, he said.<\/p>\n However, creating a widely accepted digital currency is only part of its mission.\u00a0Beyond being a currency, Terra hopes to evolve into an open platform where innovative financial dApps<\/a> can build upon Terra\u2019s stability. In finally bridging the gap between digital currencies and real-world application, Terra will help unleash the vast and yet-to-be-realized potential of blockchain to revolutionize the very nature and form of money.<\/p>\n \u201cWhile we see many stable coins coming out, Terra’s journey is especially meaningful as they are designing one of the few price-stable protocols with existing, working, and strong go-to-market strategy and usage. We are constantly impressed by the founders\u2019 leadership and earnest commitment to the business, and excited to support the team,\u201d<\/strong> said Ella Zhang, Head of Binance Labs.<\/p><\/blockquote>\n Follow ForkLog on Twitter<\/a><\/span> and Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":" Terra, a project designing a price-stable digital currency that will power the next-generation payment network on the blockchain, has successfully closed its seed funding round with an initial USD $32M.<\/p>\n","protected":false},"author":1,"featured_media":5686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,52,853,807,852],"class_list":["post-5685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-investments","tag-okex","tag-stablecoins","tag-terra"],"aioseo_notices":[],"amp_enabled":true,"views":"187","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=5685"}],"version-history":[{"count":5,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5685\/revisions"}],"predecessor-version":[{"id":5692,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5685\/revisions\/5692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/5686"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=5685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=5685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=5685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}