Hong Kong’s HashKey Capital invests in Terras mining tokens

Terra, the stablecoin and payment network builder initiated by a coalition of Asian e-commerce giants, has received an investment from Hong Kong’s HashKey Capital, according to a press release.

The investment was not made in the form of equity, but through the purchase of Terra’s Luna, a mining token that is traded on Bittrex and Bitrue and is used to maintain the value of the Terra stablecoin. Founded by Korean entrepreneur Danial Shin, who founded and runs TMON, Terra was founded in 2018 with a number of partners and customers.

It is currently partnering with 25 ecommerce platforms in the region and the goal is to become the PayPal of Asia or the next Alipay.

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Terra, which is registered as Terraform Labs in Singapore, did not want to disclose the amount invested. HashKey did not respond to an email request for clarification.

Company executives say the investment was related to Terra’s efforts to expand in the region, including China.

“HashKey Capital has a strong presence across Asia, particularly Hong Kong and mainland China, and we look forward to exploring these regions together,” said Daniel Shin, co-founder of Terra.

Founded in 2018, HashKey founded a number of companies in Hong Kong over the past year and earlier this year, according to the Commercial Register.

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The company has been an active investor over the past few months. According to Crunchbase data, it bought Hangzhou on Aug 7, China’s Nervos Network, Santa Monica, California’s Blockfolio on Aug 5, Singapore’s AlphaWallet on July 30, and San Francisco’s Kava Labs on July 29.

According to Terra’s press release, HashKey Capital has a “strategic partnership” with Wanxiang Blockchain Labs, a Shanghai-based company funded by China Wanxiang Holdings, an insurance company. Wanxiang Blockchain Labs describes itself as a non-profit research group and claims to be involved in the Chinaledger Alliance and the China Blockchain Technology and Development Forum.

The story goes on

HashKey also lists Singapore’s DBS, Shanghai’s Fenbushi Capital, and Zug, Switzerland’s Dfinity, as partners.

Terra has received a number of investments this year, according to Crunchbase. In May, Singapore’s LuneX Ventures and Arrington XRP Capital from Seattle invested. In February, Kakao Capital invested as did Milan’s Iconium. Earlier that month, LuneX Ventures participated in a coin offering. The company’s seed round took place in August 2018 and attracted 11 investors, while a coin offering took place earlier that month.

Daniel Hyunsung Shin via Twitter

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