Hong Kong-Based Chiron VC Raises $50M for Launching Terra Ecosystem Fund
One of Asia’s biggest Venture Capital firms, Chiron Partners, has launched a $50 million ecosystem fund christened the Chiron Terra Fund I (CTI), aimed at supporting innovative projects that are emerging from the Terra blockchain ecosystem.
The firm announced that the CTI will support the projects. In addition, the Fund will involve in decentralized finance (DeFi), non-fungible tokens (NFT), and metaverse related initiatives. The primary motivation behind the massive investment is to reposition Chiron Partners as one of the committed accelerators of developing promising, disruptive, and emerging technologies.
“We’re thrilled to have Chiron Partners join the booming Terra ecosystem as a valuable resource to help equip ecosystem projects and builders with capital, strategic expertise, and other guidance,” says Do Kwon, Co-Founder and CEO of Terraform Labs.
Terra is a high-performing blockchain hinged on using fiat pegged stablecoins to power global payment systems. In a bullish move to support the growth of the innovative projects emerging on the Terra ecosystem, the protocol raised a $150 million fund from renowned venture capitalists back in July to support these projects. These funding models similarly move from competing blockchains, including Avalanche and the Binance Smart Chain, respectively.
Furthermore, Terra recently completed its Columbus-5 upgrade, significantly improving scalability and enhancing network interoperability. From here, as many as 160 projects are on track to make their way to the Terra ecosystem as from Q1 2022.
“The Terra ($LUNA) ecosystem’s growth potential, particularly after the latest Columbus-5 upgrade and announcements on Risk Harbour insurance wrapped protection, is limitless,” said Jake Cormack, Founding Partner and COO of Chiron Partners.
The positivity surrounding the Terra ecosystem is highly reflective in the native digital currency LUNA, which has surged over 13,000% in the Year-to-Date period, according to data from data analytics platform, Coingecko.
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