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South Korean Fashion Platform Joins Terra Stablecoin Alliance

Blockchain

South Korean Fashion Platform Joins Terra Stablecoin Alliance

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.

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