Michael Novogratz's Galaxy Digital has co-led a $25 million funding round in Terraform Labs, a cryptocurrency-focused startup with a million user base in South Korea.
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Terraform's blockchain-based payment rails have already become a favorite method of payment for over 2.2 million users with 90,000 daily transactions, Bloomberg reports. While the size of the investment from Galaxy Digital was not disclosed, the startup also raised funds from Pantera Capital and Coinbase Ventures.
Terraform Co-Founder and CEO, Do Kwon, says the company wants to use the capital to expand its services into Taiwan and Thailand. Even though the Korean market already has KakaoPay, Novogratz assures Terraform will "dominate payments in Southeast Asia."
Earlier in January, Galaxy Digital founded a new division focused on Bitcoin mining. The Galaxy Digital Mining product line includes lending, investment and risk management tools. Mining bitcoin (EXANTE: Bitcoin) will allow the company "to better understand" the financial needs of the miners, said Amanda Fabiano, Head of Mining at Galaxy Digital.
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