Blockchain startup Terra to enter new markets in Southeast Asia next year

Terra, a price-stable cryptocurrency issuer and the blockchain firm behind mobile payment app Chai, announced plans to expand further across Southeast Asia, with Singapore as its regional hub.

The startup has tapped Rahul Abrol, former head of strategy at Uber Asia Pacific, to lead its expansion efforts as head of international business and strategy.

Photo credit: Terra

In a statement, Terra said it plans to take a three-pronged approach in entering new markets in Southeast Asia.

The startup plans to develop more strategic partnerships with local businesses as it builds on its existing ecommerce alliances. The company currently has 25 partners across Asia, including Singapore-based Carousell, Qoo10, and Ebates.

It also looks to launch its stablecoin-powered mobile payments app in Singapore early next year, hoping to replicate its success in Korea. Terra claims that Chai has achieved transaction volumes of US$54 million just four months after its launch.

“Beyond attracting key local talent, we also plan to acquire the applicable license from the Monetary Authority of Singapore under the Payments Service Act,” said Abrol. Following its recent launch in Mongolia, Terra looks to introduce the app in five or more countries within 2020, the exec added.

The company also plans to expand to Taiwan and Thailand by next year.

In August, it received an undisclosed amount of funding from Hong Kong blockchain investor HashKey Capital to broaden the adoption of blockchain-based payment solutions in Asia’s ecommerce and retail space.

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

Terra’s other existing backers include LuneX Ventures and Kakao Ventures.