Striving to follow through on their Whitepaper, Singapore-based Terra has acquired $32M in funding from Finance Labs, OKEx, Dunamu, and others. They were mostly backed by Asian cryptocurrency giants.
Terra is lead by Daniel Shin, who founded TicketMonster, a Korean e-commerce firm that is worth billions.
Instead of equity, Terra is guiding a token-based investment round, and in an interview with TechChrunch, Shin indicated that he intends to keep raising capital by holding a private sale. Shin is using its experience with e-commerce to make Shin a successful endeavor.
The CEO explained that they plan on offering their own payment option that will allow customers to pay with their coin. The coin has not been named yet.
Despite the uncertainty of crypto in the mainstream, Terra already has 15 e-commerce services signed up as partners, including, Pomelo, Tiki and Qoo10. Together, they have around 40 million customers.