South Korean fashion platform Sinsang Market has joined the ecosystem of the Terra Alliance, a stablecoin-focused association of large e-commerce companies.
South Korean business-to-business fashion platform Sinsang Market has joined the Terra Alliance ecosystem, a stablecoin-focused association of large e-commerce companies.
As South Korean economics-oriented newspaper EconoNews reported on Aug. 3, the partnership between Sinsang and Terra aims to create a payment system that deploys Korean mobile payment service CHAI. CHAI utilizes Terra’s blockchain technology to ensure fraud-resistant transactions and settlements with merchants in fiat currency.
Sinsang will reportedly use Terra’s platform to enable its customers to conduct payments for a personal delivery service. Terra’s platform will ostensibly improve order settlements, payments and deliveries through CHAI.
The Terra stablecoin was co-founded by Daniel Shin, the creator of South Korean e-commerce marketplace Ticket Monster, which boasted $4 billion in total sales at the time. Last August, Terra closed a $32 million funding round led by a string of major crypto exchanges, including Binance Labs, OKEx and Huobi Capital.
“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,” Shin commented.
As reported on Aug. 1, Ethereum-based adult entertainment platform SpankChain launched a cryptocurrency payments processor dubbed “SpankPay” together with two new partners. SpankPay will enable users to use a host of cryptocurrencies — including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Zcash (ZEC), Monero (XMR), and others.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.