The renowned South Korean internet company Kakao has teamed up with Terra, a next-generation blockchain payment platform. According to the press release on November 15, the two partners’ concerted efforts will focus on transforming e-commerce in Asia by utilizing the distributed ledger technology.
A Strategic Partnership That Lays the Ground for the Klaytn Mainnet Launch in 2019
Klaytn which is operated by Kakao’s subsidiary GroundX, is a blockchain platform that allows developers to create blockchain services within an easy DX environment and a user-friendly interface. In this mutually beneficial cooperation, both companies will share their know-how to implement the Terra payment system into the Klaytn platform.
Although Klaytn has been optimized to deliver a convenient solution for end-users, further research will be conducted to explore if a stablecoin solution could improve the usability of the DApps on the platform, which is currently in testnet mode. Klaytn has put several strategic partnerships in place with leading enterprises from various industries to enhance its ecosystem, prior to the launch of its mainnet in Q1 next year.
“Terra has successfully established an alliance with some of the fastest growing e-commerce services with tens of millions of global users,” said Jason Han, the CEO of Ground X.
“Collaborating with Terra will thus contribute to solidifying Klaytn’s position as a blockchain platform for mass adoption. Our goal is to develop a blockchain service suitable for mass adoption. This means creating a platform that can support a payment system like Terra’s with the necessary speed and stability.”
Terra Grows Its Customer Base With a Corporate Alliance
Terra has already formed an alliance with large e-commerce platforms in Asia, such as the Korean Ticket Monster (TMON), Woowa Brothers, and Yanolja to embed its blockchain payment system into their platforms.
Other notable members include Singapore’s top C2C marketplace Carousell and Vietnam’s fastest-growing eCommerce platform TIKI, as the Terra Alliance aims at the mass adoption of the payment solution. Up to date, Terra has processed $25 billion in annual transaction volume while 40 million customers have used its native stablecoin.
Daniel Shin, co-founder of Terra, said:
“Klaytn is powered by a team that understands how to build user-friendly services that can gain widespread adoption. They are also a technology-driven team that is building a highly-anticipated public blockchain with speed, stability, and scalability – all essential components to building a universal payment system like Terra. We are excited to collaborate and explore ways to bring blockchain services into the lives of everyday users.”
Terra aspires to build the financial infrastructure for the next-generation of decentralized applications, by bridging the gap between digital currencies and real-world applications. It managed to raise $32 million in a seed funding round last August, which included reputable participants from the cryptosphere, such as Binance Labs, OKEx, Huobi Capital, and Dunamu & Partners, Polychain Capital, FBG Capital, and Arrington XRP Capital.