Ticket Monster, which sells tickets and is one of the largest companies in the e-commerce sector of South Korea, said in a press release on August 29 that it closed its round of financing at $ 32 million. These funds will go to the development of the new Terra stablecoin.
Ticket Monster company, whose total sales is $ 4 billion, plans to create an internal cryptocurrency in addition to the already existing Luna token, which serves as collateral for its blockchain platform.
This round of funding was attended by several well-known companies of the crypto industry, including Binance Labs, OKEx and Huobi Capital, as well as Polychain Capital.
“From my experience, I know that faster and safer transactions, the price of which will be a tiny fraction of current commissions, can be revolutionary for many online trading platforms,” said Terra co-founder Daniel Shin. “We believe that Terra will be used for all types and forms of financial products like loans and insurance.”
Stablecoins are becoming increasingly popular in various sectors of the global economy. Even the banks issue their own stablecoins, the first was Liechtenstein’s Union Bank, who reported this decision on August 17. Such tokens, as a rule, are tied to a fiat currency.
This news marks another significant investment from Binance. On June 1, the investment wing of the exchange announced that it plans to create an investment fund worth 1 billion US dollars.
Explaining why Binance Labs invested in Ticket Monster, the head of the unit Ella Chan noted that the partnership network of companies formed around Ticket Monster is already waiting for the opportunity to use this token.
“There are a lot of stublecoins issued, but the Terra project is especially important, because it is one of several stablecoin protocols with already existing, working and ready to enter the market strategy and model of product use, “she said.
According to Shin, the beta test of the Terra payment system will begin in the 4th quarter of 2018.