Korean Blockchain Payment Giant Terra Money Challenges The Indian Developer Community To Reinvent Payment Infrastructures
Terra Money Launches “Think with Terra Ideathon” in partnership with Lumos Labs
Bangalore, September 21, 2020: South Korea-headquartered blockchain payment network Terra, announced their plans to expand their base and build the developer community in India with the “Think with Terra Ideathon.” The Ideathon, launched in partnership with Singapore-based innovation management brand, Lumos Labs, challenges Indian developers to push the boundaries of the realm of payments in the FinTech industry. With emerging challenges in the payment space such as high, hidden transaction fees, integration issues, and ease of usability, the Ideathon allows developers to reinvent existing payments infrastructures using blockchain technology.
During the course of the four-month-long ideathon, Terra is looking for ground-breaking concepts for real-world problems in the payments industry, that are both business-centric and consumer-centric. These solutions should solve problems pertaining to the three identified tracks which include Fintech, e-Commerce, and Logistic tracks, that can be built on Terra during the acceleration phase. The platform also invites out-of-the-box ideas with blockchain applications in industries outside of the identified tracks within the payments industry. The competition calls on developers and innovators in India to conceptualize change in industries that are riddled with large problem statements. The shortlisted startups will receive rewards from a pool of INR 5,00,000, and winning teams will be accelerated with close mentoring from leading industry experts, founders, and the global Terra team itself.
“We are excited to build, grow, and nurture a developer community for the Terra Platform in India. As the second-largest developer base in the world, expected to overtake the USA by 2024, India possesses a huge potential to harness the blockchain ecosystem in the world and provide the much-needed impetus to redefine the payment infrastructure across verticals. The Think with Terra Ideathon is our attempt to engage and hone the ever-growing developer brain pool in India and build a robust growth-centric blockchain ecosystem in India.”
– Daniel Hwang, Head of Ecosystem Development at Terraform Labs
Terra is building new financial infrastructure powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native governance and staking token, Luna. Terra’s mission is simple: set money free by building open financial infrastructure. The company has navigated a steady path of growth towards increasing the expansion and development of its products and network. They recently announced their collaboration with prominent members from two of the leading blockchain ecosystems, Polkadot and Cosmos, to launch a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits.
To apply for the Think With Terra Ideathon, head over to the event registration website. Registrations for the program are open till November 30, 2020.
Terra is building a new financial infrastructure that works better for everyone. The network is powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native governance and staking token, Luna. Terra’s mission is simple: set money free by building open financial infrastructure.
For more detailed information, visit our website — https://terra.money/
About Lumos Labs:
Lumos Labs is a Singapore based innovation management firm that specializes in running technology open innovation programs. Founded in 2018, the company has run several accelerators and open innovation programs for international firms.
For more detailed information, visit our website — https://www.lumoslabs.co/
Head of PR, Lumos Labs