Terra is an ambitious crypto project to build a stable coin through e-commerce. Early backers include four of the world's largest crypto exchanges. Terra aims to complement existing payment solutions by offering its own Stripe-like payment option that would allow customers to pay using its coin (a name hasn’t been decided on yet). For merchants, that could mean circumventing existing payment networks like Visa, which take a cut of all revenue. On the other side, the project could help offer incentives for consumers to buy using the token, for example, through discounts that don’t add to the e-commerce platform’s cash burn. Because buying crypto and using wallets still isn’t mainstream and it is a clunky experience - there’s also the potential for consumers to earn tokens when they use platforms. The token would be spendable across all supported e-commerce services. Terra has secured quite a list of partners. There are 15 e-commerce services signed up - including Woowa Brothers, Qoo10, Carousell, Pomelo, and Tiki - which between them boast a cumulative 40 million customers and some $25 billion in annual transaction volume.
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