$150 Mln Fund Created to Support Terra Ecosystem

Arrington Capital, Galaxy Digital, Pantera Capital and other crypto investors have committed $150 mln to invest in the Terra ecosystem. The capital is intended to financially support projects built on the Terra blockchain.

The Terra blockchain includes several algorithmic stablecoins, the largest of which is UST pegged to the US dollar. Its market capitalization is over $2 bln. The platform is also native for the Mirror Protocol, which allows the creation of synthetic assets to track the price of other assets, stocks, and ETFs.

Another aspect of the Terra blockchain is payment applications that run on the previously mentioned stablecoin. An example of a Terra-based application is the Chai mobile payment application targeting the South Korean market. LUNA, the native token of the Terra protocol, is currently the 31st largest crypto asset on the market thanks to its $2.53 bln market capitalization.

Image: The Statesman