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Kakao Ventures Backs Terra's Blockchain-based Stablecoin Payment Solution
Terra has received funding from South Korea-based venture capital firm, Kakao Ventures. Terra is a blockchain-powered fintech company that is currently working on a future-proof payment processing platform. Kakao Ventures, on the other hand, is a subsidiary of the Kakao internet company. The funding will be used in promoting the mass adoption of the Terra payment solution. This is not the first partnership involving Terra and a subsidiary of the Kakao group of companies. Kakao is the biggest technology company in South Korea. To put this into perspective, their messaging app has over 50 million registered users. Terra is working with Klatyn, the blockchain subsidiary of the Kakao group. This partnership is looking to integrate the Terra payment processor and stablecoin into the Klatyn blockchain ecosystem. Additionally, Terra is one of the beneficiaries of the $57 million dedicated to blockchain and AI startups by Kakao Investment. According to Daniel Shin, as co-founder of Terra, the