Binance exchange funded startup that raised $32 million

Ticket Monster (TMON) is an e-commerce company with approximately $4 billion in sales. On Wednesday, the company issued a press release saying it had raised $32 million to issue a new stablecoin, Terra, in addition to its existing Luna token, which is collateralized on the company's blockchain platform.

Investors included well-known exchanges and companies, including Binance Labs, OKEx, Huobi Capital and Polychain Capital.

“From experience, I know that faster, safer and cheaper transactions will greatly benefit the company,” said company spokesman Daniel Shin.

Stable coins are now becoming increasingly popular in various sectors of the global economy. Even banks are issuing their own stablecoins, one such bank is the Liechtenstein bank Union Bank, which recently issued its own stablecoin pegged to fiat currency.

The Binance exchange, which was one of the investors, seriously intends to engage in investment activities and is even going to create a special fund for this purpose in the amount of $1 billion. Commenting on why the exchange decided to invest in TMON, Binance Labs CEO Ella Zhang said that the company has a significant advantage in the form of a partner base that is already ready to use the token.

“Additionally, despite the fact that many are now issuing stablecoins, Terra is of particular importance because the company is developing one of the few tokens with a stable price and an ongoing strong strategy for using it in the market,” Ella said Zhang.

Testing of the Terra payment system is expected to begin in the fourth quarter.

According to cointelegraph.com