Place/Date: Singapore - August 30th, 2019 at 8:00 am UTC · 4 min read
Contact: Jing Cheung, Source: KuCoin
Terra, the project building the next-generation payment system on the blockchain, announces today that its stablecoin Terra SDT (SDT) and mining token Luna (LUNA) will both list on global cryptocurrency exchange KuCoin. Deposits will open on August 28, 8:00 am UTC, and trading will start at 10:00 am UTC with trading pairs LUNA/BTC, LUNA/USDT, and SDT/USDT.
Terra is a blockchain payments network that is powered by two tokens: Terra and Luna. At its core lies the algorithmic stablecoin Terra, which refers to a family of cryptocurrencies that are each pegged to the world’s major currencies. Terra’s flagship currency, Terra SDT, is pegged to the IMF’s SDR and serves as the unit of account for the Terra protocol.
Terra is backed by a second token called Luna, the mining token that not only powers Terra’s blockchain, but also derives its value from receiving Terra’s transaction fees.
Terra is making blockchain-powered payments commonplace by providing incentives to consumers and merchants alike. Terra offers significantly cheaper transaction fees to merchants by cutting out unnecessary middlemen, and also offers 5-10% off every purchase to shoppers which is funded by growth in its underlying stablecoin economy.
Terra’s plan to get its stablecoin into the hands of millions is propelled by an ever-growing e-commerce alliance, which includes Asia-Pacific giants such as TMON (e-commerce, Korea), Woowa (food delivery, Korea), Carousell (C2C, Singapore), and Tiki (e-commerce, Vietnam).
Michael Gan, CEO at KuCoin, said:
“As the People’s Exchange, KuCoin is committed to empowering promising blockchain projects and providing a wide range of digital assets to crypto investors. The next-generation payment network developed by Terra has the potential to grow the blockchain economy. We are happy to see this great project join our trading platform and we really appreciate their contribution to driving the mass adoption of cryptocurrencies.”
Daniel Shin, Co-Founder of Terra, said:
“Since launching in June, Terra’s transaction volume has been growing at a rapid pace, with usership already exceeding 400,000. We are excited that a global exchange like KuCoin is listing Terra and Luna at a time of unprecedented growth, and we look forward to continue growing Terra’s economy as more and more e-commerce partners offer Terra as a payment option.”
Terra recently announced new e-commerce partners such as Korea’s music-streaming giant Bugs and Sinsang Market, the largest B2B fashion platform in Korea. It has also recently announced investments from Hong Kong’s HashKey Capital, Singapore’s LuneX, and U.S. hedge fund Ulysses Capital. Terra’s mining token Luna (LUNA) is also listed on global cryptocurrency exchanges Bitrue (BTC/XRP) and Bittrex (BTC).
Terra is designing a price-stable digital currency that will power the next-generation payment network on the blockchain. Terra partners with an ever-growing alliance of global e-Commerce platforms to bring blockchain’s benefits such as low transaction costs to merchants and everyday consumers.
By bridging the gap between digital currencies and real-world application, Terra aims to evolve into an open platform for innovative financial dApps and grow the real GDP of the blockchain economy. Founded by a team of business, finance and blockchain experts, Terra has offices in Singapore and Korea. For more information, go to https://terra.money/.
The KuCoin Exchange opened for cryptocurrency trading in September 2017 and enjoyed steady growth into 2018. The KuCoin Exchange puts a high priority on the quality of the projects listed based on a well-trained research department that scours the blockchain industry for the highest quality projects. KuCoin provides an exchange service for users to conduct digital asset transactions securely and efficiently.
Over time, KuCoin aims to provide long-lasting, increased value to its more than five million registered users, in over 100 countries. In November 2018, ‘The People’s Exchange’ officially partnered with IDG Capital and Matrix Partners.
Disclaimer KuCoin is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile.