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.
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.
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.
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