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The crypto financial services firm Galaxy Digital Trading, founded by Mike Novogratz, co-led a $25 million funding round for Terraform Labs (LUNA), the Singapore-based crypto startup.

Terraform has seen a massive rise in popularity lately thanks to its payment rails which reduced the settlement time from days to around 6 seconds. The platform is currently being used by more than 2.2 million active users, performing around 90,000 transactions on a daily basis. 

Many of its consumers are not even informed that the platform utilizes blockchain technology to conduct purchases at local convenience stores or online shopping. It is one of the first startups to see significant growth outside of speculation. A number of other crypto startups that have raised funds have not even developed their products yet. 

“What’s great about Terra is they are one of the first sandbox experiments that’s getting outside the sandbox,” Novogratz said. “We are always looking at those projects because they are the canaries in the coal mines of what else is going to happen.”

“These guys are going to dominate payments in Southeast Asia,” he added.

Terraform has previously secured $100 million in funding and it plans to use the proceeds to expand into Taiwan and Thailand, and introduce new products, said the company’s co-founder and CEO Do Kwon.  Other backers involved in the latest funding round included Pantera Capital and Coinbase Ventures.

LUNA/USD price is now trading about 130% higher this month after it has soared more than 30% today alone. The coin previously more than doubled in value in November and December.

From the technical perspective, the price action has broken above an important short-term resistance at $1.30. A pullback to this zone would offer a chance to get on the long side, for crypto investors looking for another bullish leg. 

Mike Novogratz’s Galaxy Digital Trading, co-led a $25 million funding round for Terraform Labs, the crypto startup from Singapore. As a result, LUNA price exploded over 30% higher.

The post Here’s why Terra (LUNA) price exploded today appeared first on Invezz.

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