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

Asia Blockchain Review
August 13, 2019
Terra Stablecoin Partners with South Korea’s Singsang on Blockchain Platform

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
South Korea’s KT Develops Blockchain Halal Certification
Major South Korean telecom firm KT has announced its partnership with the Korea Muslim Foundation an...

October 18, 2019

WS Asia Pacific Opens New Office in Cambodia 
A new business consultancy with a focus on bringing small and medium-sized enterprise (SME) investme...

October 18, 2019

UAE Land Registry Makes Use Of Blockchain
The UAE government and private sectors are using blockchain technology to record and manage land reg...

October 18, 2019

Walmart Initiates Blockchain Project for Indian-sourced Seafood
Walmart has announced it is introducing a blockchain traceability project which will ensure the supp...

October 17, 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