Sinsang Market, a South Korean business-to-business fashion platform, joins Terra Alliance ecosystem — a large e-commerce companies’ stablecoin-focused association.
Regarding this partnership between Sinsang and Terra, EconoNews revealed on Aug. 3 that the two organizations are aiming at creating a payment system that is capable of deploying CHAI (Korean mobile payment service).
Through Terra’s blockchain technology, CHAI will use fiat currency to guarantee merchants fraud-resistant settlements and transactions as the South Korean economics-oriented newspaper explains.
Sinsang customers will rely on Terra’s platform to conduct personal delivery service payments. Since Terra’s platform relies on CHAI, order settlements, payments, and deliveries are ostensibly improved.
Essentially, Ticket Monster (South Korean e-commerce marketplace) creator Daniel Shin is one of the co-founders of Terra stablecoin which had a total sales of $4 billion at the time of formation.
A funding round that a couple of major crypto exchanges, including Huobi Capital, Binance Labs, and OKEx led for Terra was closed last August.
Shin made the following comments:
“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.”
On Aug. 1, SpankChain — an Ethereum-based adult entertainment platform — collaborated with two new partners to launch a cryptocurrency payments processor dubbed ‘SpankPay.’
Via SpankPay, users will be able to stock a number of cryptocurrencies, including Bitcoin, Ether, Monero, Zcash, Litecoin, and many more.
Terra wants to develop an e-commerce sites alliance and be a payment platform where they can carry out various transactions. Therefore, those who will be making purchases on such e-commerce sites will be incentivized using the Terra coin.