Crypto exchange Coinone Tuesday listed “Luna,” the cryptocurrency of blockchain-focused fintech company Terra, for the first time in the world.
Terra is a blockchain-based cryptocurrency payment project led by TMON Chairman Shin Hyun-sung. Terra launched its mainnet “Columbus” in April to begin commercializing its service in earnest.
Terra’s blockchain-based mobile payment service is to be applied to TMON, one of Korea’s leading social commerce platforms, in the first half of this year. The service will be subsequently introduced into Baedal Minjok, Yanolja, global shopping platform Qoo10, Southeast Asia’s largest secondhand goods marketplace Carousell and Vietnam’s Tiki, all belonging to the “Terra Alliance.” The annual volume of business affiliated with the Terra Alliance amounts to $25 billion (about 28 trillion won) and its users number about 45 million.
In the Terra mainnet there are two kinds of tokens: stablecoin Terra whose supply changes according to demand and Luna, the mining token of the Terra ecosystem that begins with the issuance of 1 billion. Luna, which was listed on Coinone for the first time, serves as collateral to keep Terra prices stable and users can receive Terra’s transaction fees by staking Luna.
“Coinone and Terra have common goals of innovating the existing financial sector on the basis of blockchain,” said Coinone CEO Cha Myung-hun, adding that Coinone’s listing of Luna, Terra’s mining token taking the lead in commercializing cryptocurrency, is quite meaningful.
Terra co-CEO Shin Hyun-sung said, “With the listing of Luna, blockchain-based mobile payments will be realized in the e-commerce marketplace in the first half. We will do our utmost to spread blockchain-based payments in our real life.”
In the meantime, Coinone plans to support the Luna staking service in “Coinone Node,” its cryptocurrency profit rewarding service. This will enable customers of Coinone holding Luna to take part in staking and delegating activities more conveniently and get compensation. /firstname.lastname@example.org
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