South Korea-based Terraform Labs has secured around $150 million in funding leading investors in the cryptocurrency space, media reports said. The firm is planning to use the funds for augmenting an accessible, cross-chain DeFi supersystem targeting mainstream adoption.
In a tweet, Terraform Labs said, “The onset of dozens of projects on Terra has induced the need to bolster the ecosystem’s capital and resource base to support its exponential growth effectively. Culminating in the Ecosystem Fund to guide the development of Terra towards a brighter future.”
Some of the leading investors that participated in the funding round for Terraform Labs include Arrington XRP Capital, Pantera Capital, plus Galaxy Digital and BlockTower Capital. A total of 23 companies participated in the funding round.
With regard to the funding round, Do Kwon, co-founder and CEO of Terraform Labs told the media, “We’re thrilled to present such an auspicious opportunity for the Terra community to build an amazing inter-chain DeFi ecosystem. Commitments from some of the most respected funds is a testament to the shared vision of bringing DeFi to the masses.”
The fund will go towards Terra’s decentralized finance (DeFi) Ecosystem Fund, which in turn sponsors projects on the Terra blockchain.
Mike Novogratz of Galaxy Digital told the media, “What’s great about Terra is they are one of the first sandbox experiments that are 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.”