Terra, a blockchain fintech startup headed by TIMON founder Shin Hyun-sung, announced Thursday that it had attracted strategic investment from Kakao Ventures, an early-stage venture capital affiliated with Kakao Group. With this investment, Kakao Ventures plans to actively support the spread of blockchain-based payment solutions using Terra’s stablecoin.

The latest investment is one of various strategic partnerships formed between affiliates of Korea’s leading IT enterprise Kakao and Terra. Terra already has been developing how to use its stablecoin and payment system on Klaytn, Kakao’s public blockchain platform, under their partnership. Terra also has attracted investment from Kakao Investment, Kakao’s separate investment subsidiary.

Shin, Terra’s co-founder and CEO, said, “This funding will enable Terra to share Kakao’s indigenous expertise and insight concerning the development of popularized services,” adding that “Terra will do its utmost to promote the widespread use of blockchain-based services in real life through continuous cooperation with Kakao.” /edshin@decenter.kr

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