HomeBusinessTerra captures the Asian market with a Technology-first approach

Terra captures the Asian market with a Technology-first approach

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South Korea-headquartered decentralized finance platform, Terra, today announced the nine winners of the “Think with Terra Ideathon” a four-month-long program that challenged Indian developers to push the boundaries of the realm of payments across various industries with blockchain use cases.

The nine projects selected across the three identified tracks – Fintech, Logistics, and Healthcare, will receive rewards from a pool of INR 500,000, and will be integrated as a part of Terra’s global developer community and will be working closely with the global Terra team itself. The winning projects included innovative solutions with blockchain use cases in Agro-tech, healthcare, public affairs, and supply chain sectors.

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The Ideathon, launched in partnership with Singapore-based innovation management brand Lumos Labs, is a step towards strengthening and expanding its base in Asian markets with a special focus on a strong developer community in India.

Nicholas Platias, Head of Research at Terra mentioned “As the first edition of Terra Ideathon in India, we saw some very interesting projects coming from the developer and student pool in India and it reiterates our belief in the Indian market as the hotbed for innovation in the blockchain space. The selected ideas reflect empathy towards real-world problems and a scientific bend of mind to apply innovative emerging technology such as blockchain to resolve these concerns. This is a beginning to our long-term commitment to the Indian Blockchain ecosystem and we will be actively exploring opportunities to collaborate with the developer and startup community in India.”

Terraform Labs, the group behind Terra has been aggressively driving their vision to lead a decentralized finance movement, globally. It recently raised $25 million in a new round from Galaxy Digital, Coinbase Ventures, Pantera Capital, and others.

The stable coin for e-commerce creator also launched Mirror, the first synthetic assets protocol that tracks the price of stocks, futures, exchange-traded funds, and other traditional financial assets, bridging crypto with traditional markets.

It has already proven people will use its volatility-free tokens in decentralized finance (Defi) to buy synthetic stocks by locking over $340M in the total value of assets within two months of launch and plans to attract blockchain denizens to even more use cases. Terraform Labs is also behind the Chai payments app, an e-commerce wallet that’s widely used in Asia with over 2.2M users and has raised $60M in its Series B investment round.

“We look forward to using the funds for building key pieces of infrastructure in the Mirror Protocol for synthetics, Anchor Protocol for savings, and other killer Defi applications to make Terra’s algorithmic stablecoins the centerpiece of the decentralized finance movement,” Terraform’s co-founder Do Kwon said.

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.

Terra now has the third-highest number of transactions of all blockchains (after BTC and Ethereum) and is generating 13M USD in fees annually.

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Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.

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COP28 UAE: SANY Promotes Green Manufacturing Transformation, Takes Concrete Action to Tackle Climate Challenges

CHANGSHA, China, Nov. 23, 2023 /PRNewswire/ -- SANY Group, ("SANY"), a globally leading enterprise of the high-end equipment manufacturing industry, is accentuating advancing sustainable development and the green manufacturing transformation of the heavy machinery industry, ahead of the COP28 UAE, that is set to take place from November 30 to December 12 in Dubai. The theme of the 13-day program this year is "Actionism," calling for people to rise to meet the climate change challenges.

The COP28 will center on four major paradigm shifts – namely accelerating the transition from fossil fuels, agreeing on climate finance shifts, emphasizing the role of people and nature in climate action, and ensuring the summit is an inclusive event that women, indigenous people, local communities, youth, countries and more can all be a part of.

SANY is responding actively and positively to the summit's agenda with concrete actions to promote the transformation of green manufacturing, bringing sustainable solutions to the industries of mining, construction, wind power, and more.

Taking green actions to build a sustainable future

SANY is vigorously expanding the use of green energy (renewables such as solar and wind) in production processes to reduce the reliance on traditional energy sources, lower carbon emissions, and support climate change actions. It has adopted multiple initiatives, especially in accelerating the R&D and application of wind energy, hydrogen, and electrification solutions, and achieved significant results.

SANY's subsidiary SANY Renewable Energy has been investing in and constructing wind farms to boost the proportion of wind power in the energy structure, through intelligent upgrades in manufacturing and creating intelligent workshops. By doing this, SANY Renewable Energy has reduced the overall unit energy consumption and carbon emissions by 15 percent compared to pre-upgrade.

In 2022, SANY has added more than 3,000 energy metering connections. SANY built China's first intelligent mixing station park and invested 3.22 million yuan in photovoltaic construction that will produce 900,000 kWh of power annually. The park will cut 887 tons of carbon emission, 242 tons of dust emissions, 26.7 tons of sulfide, and 13.4 tons of nitric oxide to achieve synergetic development of intelligent manufacturing and environmental conservation.

A total of 11 subsidiaries of SANY have installed photovoltaic power generation equipment, with clean energy usage amounting to 16.013 million kWh.

SANY is actively engaged in the R&D of hydrogen fuel cell technology to improve battery efficiency, reduce cost, and boost the production and storage capabilities, while expanding the applications of hydrogen energy.

Innovation-driven climate action tackles industry bottlenecks

Through establishing a green supply chain, SANY adopts renewable materials and environmentally friendly technologies to reduce resource waste and improve the sustainability of the supply chain.

SANY continues to improve the long-term mechanism for pollution prevention and control, strengthen the control of waste emissions including water, gas, and other hazardous substances, and be cautious of business and operation actions that could damage the ecological environment. In 2022, the group's wastewater and gas emissions met the standard rate of 100 percent, with a 100 percent compliance rate for hazardous waste disposal.

The group is also pushing for using environment-friendly materials to minimize pollution, so that the carbon reduction throughout the product life cycle also includes materials. In 2022, its VOCs emission density was 0.0011 tons per million revenue, a 39.71 percent reduction from the base year.

Meanwhile, the continuous upgrade of production techniques and processes, promotion of energy conservation technologies, and advancement of low-carbon technology development are not only playing key roles in improving production efficiency, but also reducing carbon footprint and aims to reach the "dual-carbon" goals.

Calling for the public's participation

SANY has been carrying out training programs and campaigns centered on environmental protection for employees, while further raising community engagement in terms of green, low-carbon, community-friendly, and educational innovation agendas. In 2022, the company employees completed 687.4 hours of volunteer work, and SANY invested 9.75 million yuan in the year to support 15 public welfare projects.

SANY Construction Industry is leading the green technology application in urban infrastructure construction to accelerate the sustainable development of cities and building intelligent cities, green transportation systems, and energy-conserving architectures to reduce energy consumption, improving urban environment quality and people's livelihoods.

In terms of biodiversity and sustainable development, SANY emphasizes the conservation of soil, ocean, crops, and animals to create a better future, and advocates a circular economy to decrease the waste of resources.

In the context of increasingly severe issues of global climate change, SANY, as a leader in the green industry, is committed to promoting sustainable development and actively joining global efforts to address climate change through comprehensive initiatives such as green supply chains, green energy, and carbon emission reduction.

For more information about SANY Group, please visit www.sanyglobal.com or follow us on Facebook or YouTube.

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