Besides Binance, among major investors we mention Polychain Capital, FBG Capital, Hashed, 1kx, Kenetic Capital, Arrington XRP, and others who were not disclosed.
Stablecoins are cryptocurrencies engineered to track the price of another asset, usually fiat currency. Created by the founder of TMON, a popular ecommerce website in South Korea, the Terra project is launching with a significant number of partners that already reach 40 million customers.
These partners, a group of ecommerce sites, are interested in incorporating the stablecoin into their business, include Woowa Brothers, Qoo10, Carousell, Pomelo and TIKI.
The new alliance of companies will be using distributed ledger technology to build the Terra protocol. This system uses two tokens: Terra and Luna. Luna tokens function as collateral on the network. Their sale will supply an initial reserve that will help stabilize the price versus fiat. The other token, Terra, will act as the day-to-day payment method that consumers will use when the protocol goes live. It will be emitted as needed based on demand.
These tokens bring some advantages to ecommerce consumers and merchants, as these new issuances will be used to provide discounts to people who use the crypto token. So, for example, if the protocol has issued a new lot of terra, merchants might be able to give consumers a 10 percent discount on purchases made with the token.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now