Today, Terra is launching its payment network. Specifically, it’s launching their mainnet 1.0 called Columbus, and this blockchain will be the foundation for its payment solution. Following this launch, in May, Terra will make its payment network available to e-commerce partners in Korea. Ultimately it will launch in the rest of Asia and the rest of the world. It’s a payment network that’s arguably better than many of the current solutions like credit cards, PayPal and others.
When the founders described Terra to me for the first time, they barely mentioned the technology and design behind the product. They talked first and foremost about user experience and go-to-market ideas. This mindset was highly unusual at the time. Most founders in their area talked about the technology and the breakthrough products – that would be built in 5 years. But Daniel, Do and Evan focused on how to make a better experience for consumers and a better product for merchants from Day One. And they were really qualified to build this. Daniel was the founder of TMON, Korea’s leading e-commerce platform with $3.5 billion in GMV. Do and Evan created the elegant design for the stablecoin, which is the foundation for its effort to build a new global financial infrastructure.
Terra is trying to solve the problem of making commerce easy for anyone in the world. In some parts of the world (i.e., the US), there’s not really a “problem” per se – credit cards and services like PayPal and Stripe work just fine. But in other parts of the world, it’s not as seamless. User experience sucks, merchant adoption is low and cross-border payments (or even payment in your own country) is a pain in the ass and expensive. Terra tries to fix this. First, in Asia; and next, in the rest of the world.
Terra will be availabe at leading Asian e-commerce sites like TMON (eCommerce, Korea), Woowa Brothers (food delivery, Korea), Tiki (eCommerce, Vietnam), and Carousell (eCommerce, Singapore). Also, customers can get up to 10% discount on every transaction.
The merchants win because they get more sales – a better user experience creates less friction, which leads to higher conversion. They also pay lower fees – as low as .5% – up to 75% cheaper than current credit card processing fees. Merchants also win because they can reach a wider audience – there’s no need to partner with or comply with local payment apps or gateways. If a US-based customer wants to buy a ticket to the hottest KPOP boy band, they can do so on TMON in a matter of seconds using Checkout with Terra.
Terra hit a huge milestone when they launched their mainnet today, their one year anniversary of the company’s launch. They’re an execution- and customer-focused team in an industry that has drawn criticism for its lack thereof. They’re launching in the best possible market for crypto right now and targeting users for whom crypto is a use case and not a buzzword. I’m very excited to personally join great investors like Kakao, Binance, Arrington XRP and Hashed (among others) to back and support the Terra team.
Learn more about Terra here.