HomeCrypto NewsMarketTerraCVita Raises Additional $2M in Bear Market To Support Terra Classic

TerraCVita Raises Additional $2M in Bear Market To Support Terra Classic


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The group raised additional funding in discounted private sales to select delegates.

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Terra Classic independent development group TerraCVita has raised an additional $2 million for its proposed decentralized finance project Terraport, which will also include the long-anticipated decentralized exchange (DEX).

The group made this known in a short thread today, noting that it raised this funding from private sales to TerraCVita and LUNC Community Italia delegators. Recall that last Wednesday, TerraCVita announced a discounted private sale of the proposed DEX token “TERRA” reserved for TerraCVita delegators alone.

The announcement today marks the end of the sale. Per Smart Stake Analytics data, the TerraCVita validator has 1,728 unique delegates, while LUNC Comunity Italia has 672 unique delegates.

TerraCVita today disclosed that there would be two public sales over the next 5 weeks. Notably, the group has launched a dedicated Twitter account for the project, promising to release the project whitepaper soon.

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Unsurprisingly the Terra Classic community has received the news positively. Senior TerraCVita member Rex Harrison AKA Rexzy hailed the funding as a significant achievement under current market conditions. According to Rexzy, it is evidence that the community is open to supporting projects and has faith in the development group.

Notably, it comes in addition to the previously announced $1 million in funding raised through private sales.

It bears mentioning that the group has teased the launch of a Terra Classic DEX for over 3 months, with an announced launch timeline for Q1 2023. The scheduling of two more public sales in the next 5 weeks could see the project launch in late February or early March.

Rexzy has continued to tout the DEX as a Terra Luna Classic (LUNC) furnace. The community will likely receive details of this in the proposed whitepaper.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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