Singapore, April 21st – Leading financial services platform Bitrue and stablecoin pioneer Terraform Labs have today announced their partnership to popularize the stablecoin SDT, an innovative project in the crypto space that is pegged to the value of numerous fiat currencies. Bitrue will lead by adding SDT to their investment platform, thereby enabling Bitrue users to receive 12% APR on the SDT held in their portfolios.
"We're really happy to continue our partnership with Terra, after our initial listing of their SDT & LUNA tokens in August 2019. Terra is pushing the e-commerce industry to new heights and we're delighted to partner with them to explore new opportunities within the crypto space." said Curis Wang, CEO of Bitrue.
SDT Terra is an algorithmic stablecoin that is based on an optimal composition of fiat currencies. It is largely based on the International Monetary Fund’s Special Drawing Rights (SDR), making it resilient against price movements and ensuring its stability. It will be added into Power Piggy starting on April 30th, where users are able to invest at no cost to themselves and can withdraw funds at any time.
Bitrue have long positioned themselves as a disruptive force in the financial industry. Far from focusing solely on blockchain, they instead use cryptocurrencies as a tool to offer services to underbanked users worldwide, including loan and investment products. Closer integration with SDT will allow them to leverage an inventive and reliable instrument in the crypto industry.
Terra was founded by Daniel Shin, former CEO of one of the biggest e-commerce companies in Korea and well known in the country as a serial investor. The SDT and LUNA coins are designed to facilitate faster payments within the online shopping space and the Terra team have leveraged their experience within that industry to make their coins a success. Their payment solution CHAI has millions of registered users, and Terra has partnerships underway with numerous other major players in the Asian commerce industry, including TMON, Baemin, Carousell and more.
"The Terra team is full of fantastic individuals who have created a product with real-world use cases, and they have the practical understanding to succeed in their target market. Both of our companies have the desire to bring blockchain-based solutions to everyday problems, which is leading to fantastic discussions between us." Curis continued.
"We are excited that Bitrue realizes the potential of Terra stablecoins as a backbone for not only payments but also for future financial infrastructure. By utilizing SDT, an SDR-pegged stablecoin, Bitrue will be one of the first to launch an attractive crypto savings product that will provide high stable interest rates to platform users." said Do Kwon, CEO of Terra.
Bitrue continues to prove itself as an innovator in the young blockchain industry, having previously pioneered the cryptocurrency investment business model in December 2018 that is now used by most big name exchanges. In the future they will continue developing cutting-edge financial features available to users worldwide.
About Bitrue
Bitrue is a growing cryptocurrency exchange and digital asset management service that is disrupting the industry by adapting traditional financial services to the newly emerging crypto markets. Launched in July 2018, Bitrue offers worldwide services to cryptocurrency investors with offices across the globe. Bitrue has a close relationship with Ripple, with whom they share a vision regarding the potential of crypto assets, and has become one of the top exchanges within the XRP community. They now support over 50 XRP pairs and have become one of the top 5 exchanges globally ranked by XRP volume, owing to significant market share in English speaking and SEA markets. Bitrue is backed by strong communities and is quickly becoming the one-stop platform for crypto traders around the world with its latest addition of fiat purchases.
More information is available at https://www.bitrue.com.
About Terra
Terra's past mission was to free people from the hidden fees embedded into everyday payments and has successfully done so by solving one of the biggest merchant challenges - high transaction fees. By replacing the complicated payment value chain with a single blockchain layer, fees that are traditionally 2-3% have dropped to as low as 0.5%. Through strategic alliances with Asia- Pacific e-commerce giants such as TMON (e-commerce, Korea),
Baemin (food delivery app, Korea), Carousell (C2C, SEA), Qoo10 (e-commerce, SEA), and Tiki (e-commerce, Vietnam), Terra has made its mark on becoming the first widely used cryptocurrency.
Building on top of this, Terra is actively working to build the necessary infrastructure for developers and entrepreneurs to build their dApps and products on the Terra blockchain. With the right infrastructure, users will be able to lay the foundation for novel financial products that will revolutionize latent uninvested capital.