Terra Stablecoin Partners with South Korea’s Singsang on Blockchain Platform

Asia Blockchain Review
August 13, 2019

Stablecoin creator Terra has signed major South Korean business-to-business (B2B) platform Singsang to its alliance of internet marketplaces.

According to CoinDesk, Terra agreed to work with Sinsang, which links vendors at Seoul’s Dongdaemun fashion market with customers in South Korea and in other parts of the world, in the development of a payment system to offer end-to-end capabilities for wholesale transactions, such as payments, settlement and delivery. 

Mobile Payments Powered by Blockchain 

The system will utilize the South Korean mobile payments platform CHAI, powered by Terra’s blockchain technology.

The Dongdaemun fashion market is one of the biggest fashion wholesale markets in the world with an estimated US$12 billion turnover, but at present remains disjointed and underdeveloped in terms of logistics and payment services.

Singsang works with 18,000 wholesalers carrying 28 million products, according to local press reports.

Building an Alliance of E-Commerce Sites

Terra’s core strategies include developing an alliance of e-commerce sites and operating as their payment platform. Additionally, the Terra stablecoin may be offered as an incentive for those making purchases on these sites.

Terra already has 25 such relationships, having collaborated with such partners as South Korea’s TMON (also known as TicketMonster); Gangman K-fashion mall The Galleria; Singapore-based Qoo10, an online marketplace which claims to be the largest of its kind in the world; and Singapore-based online retailer Carousell. 

Terra, incorporated into Singapore as TerraForm Labs, was founded in 2018 by Daniel Shin, who also founded TMON and has broad connections with South Korea’s Kakao and investment from Arrington XRP Capital, based in Seattle, Washington.

Source: https://www.coindesk.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Shenzhen Firms Issue 6Mil. Blockchain Invoices in 12 Months
The Chinese city of Shenzhen has reportedly issued almost 6 million blockchain-based invoices over t...

August 17, 2019

Thailand Considers Extending AML Regulations to Crypto
Thailand’s Anti-Money Laundering Office has revealed that it may extend AML regulations to include c...

August 17, 2019

The Future of DEXs
Decentralized exchanges (DEXs), which are non-custodial by nature, were also much more secure than t...

August 16, 2019

DECENTRALIZED FINANCE: Defying the Global Financial System
Although it was only established last year, the DeFi system has already locked in US$500 million wor...

August 16, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us