Shin Hyun-sung’s blockchain project Terra has signed a partnership with Singapore’s cryptocurrency exchange Bitrue to launch loan products using blockchain technology-based value stable cryptocurrency (stable coin).
First, the company plans to list Terra’s cryptocurrencies, Terra SDT and Luna on Bitrue and launch various crypto-based financial services, including loans in the future.
Terra announced on the 12th that it signed a partnership with Cryptocurrency exchange ‘Bitrue’ and decided to list ‘Luna’ and ‘Terra SDT’ on 14th and 16th. Bitrue is a cryptocurrency exchange that is not well known in Korea but has many transactions in the US and Europe. Luna will be able to trade on Bitcoin(BTC) market and Ripple (XRP) market of Bitrue from the 14th. The Terra SDT will be available for sale in the Tether (USDT) market beginning at noon on the 16th.
This is the first time that Terra SDT is listed on the exchange. Although Terra KRT is listed on Korean exchanges such as Gidak and Gofax, Terra SDT is listed for the first time.
Terra supports multi-stable coins pegged to various fiat currencies, including the Korean won, the US dollar, the Yen, the Singapore dollar, and the SDR of the International Monetary Fund for easy use in many countries. For example, one Terra KRT is worth one won, and one Terra UST is worth one dollar.
Of these, the Terra SDT, pegged to the IMF Special Drawing Rights (SDR), the world’s most stable value, is used as the key currency for the Terra ecosystem. If the price remains constant even after the Terra SDT is listed on the 16th, Bitrue will prove that the principle of the stable coin Terra is working well.
In addition, Tera and Bitrue are promoting the provision of decentralized financial services. Both companies will use stable coin Terra to develop high-yield savings and loan programs.
“The listing of Terra and Luna is the first of many collaborations planned by Bitrue,” said Curris Wang Bitrue Chief Executive Officer. “Virtual’s goal is to bring innovation and excellence in cryptocurrency Terra shares the vision and creativity needed to implement it. ”
“Terra has recently partnered with Chai, a mobile payment application, and thanks to this, hundreds of thousands of consumers are using Chai and Terra’s blockchain to buy daily necessities and services.” We are happy to be able to collaborate with Bitrue at a growing time, and we are looking forward to launching products such as loans in the future. ”
Meanwhile, Terra’s blockchain verifiers recently decided to distribute 21.7 million Lunas as a grant to support the account deposit (staking). It is expected that users staking Luna will receive 10% interest annually.
( Source: The Block Post )