Cryptocurrency merchant bank, Galaxy Digital Trading, has recently invested in the fast-growing Singapore-based crypto startup, Terraform Labs, co-leading a $25 million funding round in the company.
According to a Tuesday report by Bloomberg, Terraform Labs has been gaining a great deal of exposure and is quite popular among merchants and millions of users in South Korea.
With its crypto-related technology, Terraform reduces payment processing time from a couple of days to a matter of just six seconds.
The technology, which is built on the Blockchain with its suitable digital wallet, is growing increasingly popular among users. It boasts of having more than 2.2 million users with about 90,000 transactions being executed each day.
The company designed its product in such a way that even those without any knowledge of blockchain technology, stablecoins, or the crypto industry can make use of it during purchases at local convenience stores or online sites.
Commenting on the just concluded funding round, Mike Novogratz, CEO of Galaxy Digital said, ” What’s great about Terra is they are one of the first sandbox experiments that’s getting outside the sandbox. We are always looking at those projects because they are the canaries in the coal mines of what else is going to happen.”
Terraform is one of the very few cryptocurrency startups that has grown way beyond speculations since most other projects that received similar funding have not attained this level of popularity or even developed any products.
According to the company’s CEO, Do Kwon, Terraform intends to use the $25 million accumulated from this round of funding and the $100 million it had earlier acquired to expand its services to other parts of Asia, specifically Taiwan and Thailand.
Galaxy Digital was not the only investor involved in this round of funding. It co-led the funding with other top institutional investors including Pantera Capital and Coinbase Ventures.
Although the company is facing a lot of competition in the market, Novogratz is very optimistic about its success.
He added confidently, “These guys are going to dominate payments in Southeast Asia.”
Speaking of expansion, New York-based crypto exchange, Gemini, said a few weeks ago that it is considering taking its platform public through an IPO.
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