Blockchain payments firm Terra secures strategic investment from HashKey Capital

Blockchain startup Terra has received an undisclosed amount of funding from Hong Kong blockchain investor HashKey Capital, an affiliate of fintech company HashKey Group.

Photo credit: Terra

As part of the deal, the two firms will work together to bring blockchain-based payment solutions to ecommerce and retail businesses throughout Asia, according to a statement.

“HashKey Capital has a great presence across Asia, especially in Hong Kong and mainland China, and we look forward to exploring those regions together,” said Terra co-founder Daniel Shin.

Terra has built a price-stable cryptocurrency that can be used as a method of payment on its blockchain-based payment solution. It aims for the stablecoin to become the first widely used cryptocurrency by pushing adoption through partnerships with ecommerce firms, such as South Korea’s Ticket Monster (TMON), Singapore’s Carousell, and Vietnam’s Tiki.

The company said it has recently partnered with Korean mobile payments app Chai, which is currently available on TMON, to enable online transactions with blockchain technology. It has also partnered with two other Korean firms, music-streaming giant Bugs and business-to-business fashion platform Sinsang Market.

In May, Terra raised an undisclosed sum from LuneX Ventures, the blockchain-focused investment arm of Golden Gate Ventures. It has also received funding from Kakao Ventures, the investment arm of South Korean internet giant Kakao, earlier this year.