RATE Group | Binance and Crypto Exchanges Back $32M Terra Stable Coin Project
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Binance and Crypto Exchanges Back $32M Terra Stable Coin Project

30 Aug Binance and Crypto Exchanges Back $32M Terra Stable Coin Project

Posted at 02:06h in Cryptocurrency News by

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Crypto giant Binance and three other big exchanges are joining together to fund Terra, a new initiative to get consumers to adopt digital money by using a so-called “stable coin.”

The idea of stable coins, as the name suggests, is to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.

To pursue the idea, Terra and its Korean-American founders have raised $32 million from the exchanges and from blockchain-focused investment funds, including Polychain Capital.

While Terra is hardly the only stable coin project out there, it contains a twist: Terra is partnering with a number of eCommerce ventures in Asia to encourage consumers to use the currency.

One of the Terra founders, Daniel Shin, used to run an e-commerce company in Korea. In an interview with Fortune, he explained that e-commerce is more common in Asia and that well known online…

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