South Korean business-to-business fashion platform Sinsang Market has joined the Terra Alliance ecosystem, a stablecoin-focused association of large e-commerce companies.
As South Korean economics-oriented newspaper EconoNews reported on Aug. 3, the partnership between Sinsang and Terra aims to create a payment system that deploys Korean mobile payment service CHAI. CHAI utilizes Terra’s blockchain technology to ensure fraud-resistant transactions and settlements with merchants in fiat currency.
Sinsang will reportedly use Terra’s platform to enable its customers to conduct payments for a personal delivery service. Terra’s platform will ostensibly improve order settlements, payments and deliveries through CHAI.
The Terra stablecoin was co-founded by Daniel Shin, the creator of South Korean e-commerce marketplace Ticket Monster, which boasted $4 billion in total sales at the time. Last August, Terra closed a $32 million funding round led by a string of major crypto exchanges, including Binance Labs, OKEx and Huobi Capital.
“From experience, I know that faster, more secure transactions at a fraction of today’s fees could be a game-changer for many e-commerce platforms,” Shin commented.
As reported on Aug. 1, Ethereum-based adult entertainment platform SpankChain launched a cryptocurrency payments processor dubbed “SpankPay” together with two new partners. SpankPay will enable users to use a host of cryptocurrencies — including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Zcash (ZEC), Monero (XMR), and others.