SINGAPORE, Singapore — Dec. 5, 2018 — COVA has signed a Memorandum of Understanding (“MOU”) with a top Korean blockchain project, Terra. Through this partnership, COVA expects to expand use cases of data control in e-commerce payments.

Terra is a leading stable cryptocurrency that has secured 15 of some of the largest e-commerce players in Korea and the rest of Asia — including Woowa Brothers, Qoo10, Carousell, Pomelo, and Tiki. Together, these players boast a cumulative 40 million customers and $25 billion in annual transaction volume. Terra’s goal is to use their stable cryptocurrency to bypass high fees charged by existing payment networks like Visa. Terra plans to deploy to its initial e-commerce partners in Korea during 4Q of this year, before widening to cover Southeast Asia and beyond in 2019.

Co-founder and CEO of Terra, Do Kwon said: “We are happy to work with COVA and implement data privacy for customers on our e-commerce payment network.”

Regarding the partnership, COVA’s co-founder, Vincent Li said: “Through this partnership with Terra, COVA hopes to solve pressing customer data privacy needs of many large online retailers, starting from Korea.”

About COVA

COVA is a Smart Contract protocol for data. It allows data, the most untapped resource in the world, to be used as capital while protecting it from improper usage. COVA has attracted large investments from institutions including Huobi Capital, FBG Capital, Zhenfund, BlockVC, Kenetic, Alphabit, Node Capital and Metropolis VC, and recently took top votes in Huobi Voting. Learn more at www.covalent.ai.

Media Contacts:

Da Eun Lee

COVA

Tel: +82 10 8555 4734

daeun@covalent.ai