Blockchain payment framework and stablecoin issuer Terra has included South Korean music streaming platform Bugs to its e-commerce alliance.
There are presently 25 partners within the Singapore-based firm’s South Korea-centered payment ecosystem.
The Terra Alliance utilizes payment solutions provider CHAI as its front-end. CHAI incorporates a mobile payments app which links to 15 major local banks. Terra’s blockchain-based platform then sits in the background, connecting payments to e-commerce sites.
Terra co-founder Daniel Shin stated that the platform is smoother than the legacy payment frameworks in South Korea, “The value chain for payments is convoluted. There are six or seven players, and everyone takes a cut. We streamline the process.”
Earlier this month, Terra revealed a collaboration with fashion platform Sinsang Market.
Shin notes that regulatory clarity would be supportive of the cryptocurrency sector, clarifying the contrast between South Korea and the United States. Within the U.S., if something isn’t unlawful, then it can be done. However, in South Korea, business people ought to not endeavor something unless it is particularly codified, according to Shin.
“Before, it was crypto ‘no,’ blockchain ‘yes,'” he stated. “Now it is more like blockchain ‘yes,’ private crypto ‘yes,’ public and listed crypto ‘no.'”
While regulators within the nation may still see crypto assets with a few skepticism, blockchain innovation is enjoying adoption over different sectors with South Korea’s most seasoned bank recently reporting that it is building a blockchain-based security framework.