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Kakao Partners with Stablecoin Terra to Improve Blockchain-Based Payments

Kakao Partners with Stablecoin Terra to Improve Blockchain-Based Payments

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The Korean Times yesterday reported a purposeful long-term relationship between major South Korean messaging giant Kakao and decentralized stablecoin Terra.

In a signed partnership agreement between Kakao Corp and Terra on Wednesday 14 November, Kakao’s Klatyn, a product from its Ground X subsidiary will be fused with Terra’s technology to provide mutual benefits for a more seamless user experience of blockchain payments.

Both sides agree that their products combined will create an opportunity to serve a “large group of people”. The core objective on the Terra side of the partnership will be to use Klatyn’s technology to provide a blockchain payment ecosystem with reliable speed and stability. Shin Hyun-Seung, founder of Terra had this to say:

“Speed, stability and reliability are the most important issues in the blockchain-based payment system… Terra will cooperate with Klaytn in coming up with ideas to solve the issues and offering services that give actual benefit to users.”

It appears that the leading South Korean infotech company has been doing a lot of business building lately, and the recently adopted blockchain project under its subsidiary Ground X (established in May this year), has given it a good outlook about blockchain development and the South Korean market.

Back in July of this year, Jason Han, Ground X’s CEO, said, “Although blockchain is emerging as one of the most transformative technologies for years to come on the global level, the extent of discussion about blockchain in Korea is still in its infancy.”

On 8 October, the Ground X project launched the Klatyn testnet, way ahead of the initial schedule.

Terra on the other hand, as a highly ambitious cryptocurrency project aiming to tame the volatility of digital assets, has some success strides in its development path too. It aims to build a financial infrastructure for the next generation of decentralized applications.

Back in August, Shin said, “Imagine going to Amazon and clicking “Terra pay” at checkout. You don’t need a wallet and so on. All you know it’s a better deal… Asia provides the most favorable regulatory and cultural environment to launch the project.”

On the frontline of crypto adoption, Terra seems to be establishing lots of partnerships with a number of eCommerce ventures in Asia to encourage consumers to use the currency. So far, it has received seed capital of USD 32 million from top cryptocurrency exchanges including Binance, OKEx, and Huobi.


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