Terra — a Blockchain payment system and stablecoin issuer — has yet again added one more partner to its e-commerce alliance.
The South Korea-focused payment ecosystem has welcomed a South Korean music streaming service Bugs into its partnership, making the total number of partners to now be 25 per CoinDesk’s Aug. 14 report.
CHAI — a payment solutions provider — currently serves as Terra Alliance’s front-end. Meaning, CHAI — which incorporates 15 major local banks connected in a mobile payments app — has in the background Terra’s blockchain-based platform that effectively links payments to various e-commerce sites.
Compared to other South Korean legacy payment systems, the platform is smoother in Daniel Shin (Terra co-founder) opinion:
“The value chain for payments is convoluted. There are six or seven players, and everyone takes a cut. We streamline the process.”
Terra had earlier this month, announced a partnership with Sinsang Market — a fashion platform.
Regulatory uncertainty is major a hindrance
While explaining the difference between the United States and South Korea, Shin noted that the cryptocurrency sector would need helpful regulatory clarity. Unless something is specifically codified, entrepreneurs in South Korea cannot attempt it, but anything can be done in the U.S. if it is not illegal.
“Before, it was crypto ‘no,’ blockchain ‘yes.’ Now it is more like blockchain ‘yes,’ private crypto ‘yes,’ public and listed crypto ‘no,’” he said.
Blockchain technology seems to be enjoying enormous adoption across numerous sectors despite regulators being skeptical about crypto assets. For instance, the oldest bank in South Korea has announced that it will soon put up a security system that is based on blockchain.