Stablecoins have become quite popular at the moment of developing new crypto assets. One only needs to look at the examples: Facebook’s Libra is a stablecoin as is Binance’s new project. The industry has a soft spot for these kinds of values. This is the reason why they continually receive attention and, therefore, investments.
Such is the case of Terra’s mining token, which has recently received an influx of funds by Hong Kong-based Company HashKey Capital. The information was made available to the public via a press release.
The Acquisition of Luna
Terra is a stablecoin and payments network creator; it is essentially a partnership between several Asian prominent names in the e-commerce business. The mentioned investment came in the form the acquisition of Luna, which is Terra’s mining token that trades on the Bittrex and the Bitrue platforms.
Luna is implemented as a way to keep the value of the Terra stablecoin. Daniel Shin (who also founded TMON,) a known Korean entrepreneur, developed it last year with several partners.
The Terra stablecoin has several ties in the industry, having alliances with over 20 e-commerce ventures in the Asian region. Its goal is to become PayPal’s version in the continent, something similar to Alipay, according to reports.
The amount of money invested was not published at the time of writing this article. The buying party, HashKey Capital, has not yet talked publicly about its decision to contribute in the Terra mining token.
According to staffers and executives of the influential firm, the decision to invest in the development and future of the Terra stablecoin originated from a desire to expand Terra’s name and efforts in Asia, including mainland China.
“HashKey Capital has a great presence across Asia, especially in Hong Kong and Mainland China, and we look forward to exploring those regions together,” were the words of Shin, the Cofounder of Terra.
HashKey Capital was born in 2018 and drafted several entities in Hong Kong last year and in the first part of 2019, per the Companies Registry. It has been very active in last few months.
Lots of Recent Movement
Per information from Crunchbase, it has been involved with projects in the United States of America, China, and Singapore. Among them are Kava Labs, AlphaWallet, Blockfolio, and several others.
Terra’s released informed that HashKey Capital maintains a strategic alliance with Wanxiang Blockchain Labs, a Chinese company that acts as a research group and claims to be involved in the Chinaledger Alliance and China Blockchain Technology and Development Forum.
Other HashKey’s partners are Singapore’s DBS, Shanghai’s Fenbushi Capital and Zug, Switzerland’s Dfinity. Those are relationships to watch as the company looks for consolidation after a very promising start. The industry, especially lately, has become extremely competitive.
This is not Terra’s first investment received in 2019, as LuneX Ventures, Kakao Capital, Iconium, and Arrington XRP Capital have all contributed at some point during the year. More could follow in the upcoming months.
By Andres Chavez