Novogratz Invests in Crypto Startup Serving Millions in Korea

Mike Novogratz’s Galaxy Digital Trading HK Ltd. co-led a $25 million funding round in Singapore-based Terraform Labs, whose cryptocurrency-related technology is gaining in popularity with merchants and users in South Korea.

By shortening settlement time from days to about six seconds, Terraform’s payment rails running on top of a digital ledger, and a related wallet, have become a favorite of more than 2.2 million total users, executing nearly 90,000 daily transactions recently. Consumers often don’t even know that a digital ledger called blockchain, or so-called stablecoins, were involved during purchases at local convenience stores or online sites.