Mobile Messaging Giant, Kakao Partners With Blockchain Payment System Terra Utilizing Stablecoins
As per a recent report published by The Korea Times, a new partnership has been formed and it involves a South Korean instant messaging app, Kakao and stablecoin-focused firm, Terra.
The reason for the partnership has been affirmed as integrating the former’s blockchain platform, dubbed “Klaytn,” into the latter’s blockchain-based payment system. Terra’s Founder, Shin Hyun-seung, who also happens to have created Ticket Monster (TMON), trusts that this alliance will help them expand their payment services across unique e-commerce platforms, along with their initial goal of enforcing borderless money exchanges.
As per Shin himself, it seems like this partnership will help Terra in terms of improving, “speed, stability and reliability,” as they pose as the biggest problems within blockchain-based payment services. He deems that by using Klaytn, the team involved can come up with, “ideas to solve the issues and offering services that give actual benefits to users.”
In response, CEO of Kakao’s arm, Ground X, Jason Han has since expressed enthusiasm for being able to work with the Terra team, as Han sees this as an ideal opportunity to, “help Klaytn solidify its position as a blockchain platform for large-scale services.”
This is definitely a win-win situation for the two parties involved. In particular, Terra can now work towards coming up with feasible solutions, while Kakao’s team can focus on ways to enhance their blockchain platform – which was only launched as a TestNet sometime this fall (i.e. October 8, 2018).