Terra, blockchain payment network that offers a price-stable cryptocurrency, has marked its expansion to Singapore with the appointment of Rahul Abrol –Uber’s former APAC Head of Strategy– as Head of International and Strategy.
The new venture in Singapore will be its Southeast Asia hub; it will also hire locals to drive localisation. It plans to have a strong root in the country before branching out to countries such as Taiwan and Thailand in 2020.
Terra said that its expansion is its way to grow its on-the-ground network through strategic partnerships with local businesses. This builds on Terra’s existing e-commerce alliance, which includes 25 partners across Asia, such as with Carousell, Qoo10, and Rakuten-owned EBATES.
Terra will also launch its stablecoin-powered mobile payments app in Singapore in early 2020. Terra uses stablecoins, a type of cryptocurrency which is price-stable and pegged to real-world assets such as the Singapore dollar, that can fund ongoing discounts without burning investor dollars like the usual investment models in most e-commerces.
Also Read: Blockchain startup Terra gets funding from HashKey Capital, to expand alliance in Asia
The global blockchain race
It is estimated that by 2027, 10 per cent of global GDP could be stored on blockchain technology, according to the World Economic Forum.
Responding to that, Abrol said in a press statement, “There is a global race among nations to embrace blockchain payments and Singapore has all the right elements to lead the charge. It is not only welcoming of the technology but created clear regulatory frameworks so emerging companies can thrive.”
He added, “My focus in 2020 will be to replicate our success in Korea internationally and Singapore is the perfect springboard to help us realise this. Beyond attracting key local talent, we also plan to acquire the applicable license from the Monetary Authority of Singapore under the Payments Service Act. We have already launched in Mongolia and aim to have operations launched in five or more countries within the calendar year for 2020.”
Recent moves from Terra
Terra co-founder Do Kwon explained to Bloomberg that its partnership with South Korean mobile payment app CHAI has resulted in transaction volumes of US$54 million within four months of its launch.
CHAI enables consumers to pay for items online by adding their bank account. It is available on TMON, one of the largest e-commerce platforms in the country, to all of Terra’s e-commerce partners.
Also Read: How Terra aims to get people to use its price-stable cryptocurrency
According to a separate statement by Terra, CHAI’s approach is similar to the user experience of PayPal. It already partnered up with 15 major local banks to facilitate convenient fiat on- and off-ramp.
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Image Credit: Terra
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