RATE Group | Four Major Cryptocurrency Exchanges Lead Funding Round in New Stable Coin
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Four Major Cryptocurrency Exchanges Lead Funding Round in New Stable Coin

29 Aug Four Major Cryptocurrency Exchanges Lead Funding Round in New Stable Coin

Posted at 21:01h in Cryptocurrency News by

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Four of the largest global cryptocurrency exchanges are leading an investment round in a new e-commerce-based stable coin. The investments come as stable coins become the most popular projects in the cryptocurrency industry.

The $32 million fundraising round in stable coin Terra, was led by Binance Labs, OKEx, Huobi Capital, and Upbit’s parent company Dunamu. Terra, the latest stable coin to receive major corporate backing, is headed by the founder and president of TicketMonster, Daniel Shin.

Notably, the Terra investment round is the first one to receive backing by competing exchanges, and also includes investments by other, major, investment groups, including Polychain Capital, FBG Capital, Hashed, Kenetic Capital, 1kx, and Arrington XRP.

Stable Coins Continue to Gain Popularity Amidst Tether Concerns

Following the tremendous volatility the cryptocurrency markets saw beginning in late 2017 and well into 2018, people began turning to stable coins to avoid the daily market volatility…

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