Decentralised finance platform announces Terra Ideathon winners across Fintech, Logistics & Healthcare sectors in India
Raises $25 million in funding from Galaxy Digital, Coinbase Ventures, Pantera Capital
Expands product solutions with the launch of Mirror Wallet
Bengaluru, NFAPost: South Korea-headquartered decentralised finance platform, Terra announced the nine winners of the “Think with Terra Ideathon” a four-month-long programme that challenged Indian developers to push the boundaries of the realm of payments across various industries with blockchain use cases.
The nine projects selected across the three identified tracks – Fintech, Logistics, and Healthcare, will receive rewards from a pool of Rs 500,000, and will be integrated as a part of Terra’s global developer community and will be working closely with the global Terra team itself. The winning projects included innovative solutions with blockchain use cases in Agro-tech, healthcare, public affairs, and supply chain sectors.
The Ideathon, launched in partnership with Singapore-based innovation management brand Lumos Labs, is a step towards strengthening and expanding its base in Asian markets with a special focus on a strong developer community in India.
Terra Head of Research Nicholas Platias pointed out that the first edition of Terra Ideathon in India witnessed some very interesting projects coming from the developer and student pool in India and it reiterates the company’s belief in the Indian market as the hotbed for innovation in the blockchain space.
“The selected ideas reflect empathy towards real-world problems and a scientific bend of mind to apply innovative emerging technology such as blockchain to resolve these concerns. This is a beginning to our long-term commitment to the Indian Blockchain ecosystem and we will be actively exploring opportunities to collaborate with the developer and startup community in India,” said Nicholas Platias.
Terraform Labs, the group behind Terra, has been aggressively driving their vision to lead a decentralised finance movement, globally. It recently raised $25 million in a new round from Galaxy Digital, Coinbase Ventures, Pantera Capital, and others.
The stablecoin for ecommerce creator also launched Mirror, the first synthetic assets protocol that tracks the price of stocks, futures, exchange-traded funds, and other traditional financial assets, bridging crypto with traditional markets.
It has already proven people will use its volatility-free tokens in decentralized finance (DeFi) to buy synthetic stocks by locking over $340 million in total value of assets within two months of launch and plans to attract blockchain denizens to even more use cases. Terraform Labs is also behind the Chai payments app, an e-commerce wallet that’s widely used in Asia with over 2.2M users and has raised $60M in its Series B investment round.
Terraform’s cofounder Do Kwon said the company focuses on using the funds for building key pieces of infrastructure in the Mirror Protocol for synthetics, Anchor Protocol for savings, and other killer DeFi applications to make Terra’s algorithmic stablecoins the centerpiece of the decentralized finance movement.
Terra is building new financial infrastructure powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native governance and staking token, Luna. Terra’s mission is simple: set money free by building open financial infrastructure.
The company has navigated a steady path of growth towards increasing the expansion and development of its products and network. Terra now has the third-highest number of transactions of all blockchains (after BTC and Ethereum) and is generating $13 million in fees annually.
Terra Money‘s mission is to harness blockchain technology to build financial products that empower the mainstream user. To that end, it is building and scaling payments as well as savings and investment products that are being used by millions of users. The ecosystem token of the Terra blockchain, Luna, trades on most major global exchanges including Binance and Huobi.