Singapore-based blockchain provider Terra has partnered with South Korean music streaming service Bugs to create what it says is the first ever tie-up between a blockchain payment platform and a major music streaming service.
According to CoinDesk, the partnership will allow users of Bugs to utilize Terra’s blockchain technology to purchase any of the service’s current collection of up to 5.8 million songs. Purchases will be facilitated using CHAI, a payments solution native to South Korea that can be accessed through a mobile app, with Terra handling the backend behind CHAI.
The approach was chosen due to the belief that crypto is made more usable through a simple and intuitive front end, with blockchain and coins playing their roles behind the scenes, according to Terra co-founder Daniel Shin. Pointing out that a value chain for payment can include up to six or seven parties, Shin said Terra’s methods streamline the process and make it less convoluted for users.
Bringing Terra’s total amount of partners to 25, the collaboration with Bugs moves the company closer to its aspiration of becoming a new Alipay or PayPal for Asia. Its growing alliance is a key part of its strategy, with Shin explaining that Terra wishes to give consumers access to an exhaustive range of goods and services. Each partner in Terra’s alliance was chosen to represent a vertical that the blockchain provider powers.
Terra, or Terraform Labs, is based in Singapore and is active across Southeast Asia as well as South Korea. Formerly Neowiz, Bugs was founded in 2002 and acquired by NHN Entertainment in 2015, with South Korea’s secondary market, Kosdaq, listing the company as 45% owned by NHN
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