HK-based HashKey Capital invests in Singapore blockchain startup Terra

By Staff Writer

Hong Kong’s blockchain investment firm HashKey Capital has invested in stable-coin and payments network creator initiated by a group of Asian e-commerce giants known as Terra, according to a press release.

Terra, which has partnered with 25 e-commerce platforms, has significant ambitions in the region. Its goal is to become the PayPal of Asia, or the next Alipay.

As part of the deal, HashKey Capital — which considers amongst its partners China’s Wangxiang Blockchain Labs, Singapore’s DBS Bank, Shanghai’s Fenbushi Capital and Switzerland’s Dfinity — will purchase Terra’s mining token Luna.

Terra, which is incorporated in Singapore as Terraform Labs, has not disclosed the exact investment amount, though the executives have said that the investment was related to Terra’s efforts to expand in the Asian region, including China.

Founded last year, HashKey Group, headed by former UBS banker Michel Lee (see here), has been on an acquisition spree. It has bought into Hangzhou China’s Nervos Network, Santa Monico, California’s Blockfolio, Singapore’s AlphaWallet and San Francisco’s Kava Labs.

Terra has received much financial investment of late, from such firms as Kakao Capital and Milan’s Iconium while LuneX Ventures participated in a coin offering. The company’s August 2018 seed round offering attracted 11 investors, while a coin offering was held earlier that same month.

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