Stablecoin Project Terra Raises $32 Million to Build the 'Next Financial Ecosystem'

As the cryptocurrency market gains prominence and retailer demand for a credible "Stablecoin" increases, several prominent cryptocurrency businesses have put their money where their mouth is and have invested over $32 million in the Singapore-based stablecoin venture Terra, according to TechCrunch.

Without an ICO and other fundraising techniques, Terra intends to create "Project Terra," touting it as the "Next generation of digital money" based on advanced cryptocurrency economics and blockchain technology.

According to Terra, the seed capital will be used to build a modern financial system powered by blockchain technology, indicating a vision larger than a Tether-like trading pair for cryptocurrencies.

Terra will aim to overcome the mass-adoption barrier of cryptocurrencies by introducing a blockchain-based payment solution that solely utilizes the Terra token.

According to Fortune, Terra uses a payment model similar to PayPal and AliPay, and is reportedly working with Taobao and eBay engineers to actualize its vision, which includes forming a global e-commerce partner group that implements its solution across varied platforms to drive growth, awareness and adoption.

While Terra's global partnerships remain unknown at the time of writing, the company's co-founder, Daniel Shin, is also the chairman at TMON, South Korea's largest e-commerce platform with over $4 billion in annual sales and 9 million "Regular" customers.

The Terra alliance already boasts over 15 companies-including Woowa Brothers, Carousell, Pomelo and Tiki, among others-with TMON leading the disruptive collective.

"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."

The platform will allow for the creation of dApps using Terra's stablecoin features, which project leaders believe is the missing link between digital currencies and real-world applications.

With the project's launch in early 2019, it remains to be seen how Terra creates an impact in the world's financial economy, along with other significant developments like Baakt and controversial undertakings like Venezuela's Petro.