Korean blockchain startup Terra bags undisclosed funding from LuneX Ventures

South Korea’s blockchain-based payment startup Terra on Thursday announced that it has bagged an undisclosed amount of funding from LuneX Ventures, the blockchain and cryptocurrency-focused arm of Singapore-based Golden Gate Ventures.

Terra plans to use the fresh funding to expand to Singapore and the rest of Southeast Asia. The startup is planning to open an office and launch its payment product in the city-state within this year.

“At LuneX, we recognize South Korea as a thriving crypto capital. With a tech-savvy population and amazing entrepreneurial talent, we think it’s the perfect environment for projects to expand not just in Asia, but globally as well,” LuneX Ventures founding partner Kenrick Drijkoningen said.

Terra is the first coin and payments platform in LuneX’s investment portfolio.

The startup, which has a collective annual transaction volume of $25 billion, claims to have built strong partnerships with e-commerce platforms across Asia, such as South Korea-based TMON, Singapore’s Qoo10, and Carousell.

In February this year, Terra announced an investment from Kakao Ventures and Kakao Investments, both owned by South Korean internet company Kakao.

Last year, it raised $32 million in a token-based investment round from investors including global crypto exchanges Binance Labs, OKEx, Huobi Capital, and Korea’s Dunamu. The round was also joined by Polychain Capital, China’s FBG Capital, Hashed, 1kx, Kenetic Capital and Arrington XRP.

Golden Gate Ventures launched the $10-million LuneX Ventures fund last year, with plans to invest in companies building infrastructure and supporting blockchain services, especially related to e-wallet systems, treasury management solutions and customer solutions.

LuneX, which claims to be the first fund of its kind, is backed by high net-worth individuals and family offices across the world.