Singapore-based Stablecoin, Terra, Launches Crypto Payments on Music Streaming Service
The South Korean market based blockchain, Terra announced yet another partnership – bringing the total number of companies in its network to twenty five. In an official report, Terra stablecoin announced they will be incorporated as a payment method on South Korean music streaming platform, Bugs.
South Korea is quickly accepting cryptocurrency solutions as a form of payment and the latest partnership with Bugs opens a gateway to the market.
The Singapore based stablecoin currently has over twenty five companies in its network including Sinsang fashion market, Kakao Ventures and DAG based smart contract platform, Fantom.
Terra partners with Bugs streaming service
The partnership is one of its kind in the country allowing music streaming platforms to accept cryptocurrency payments on their platforms. The partnership with Bugs will see the streaming service utilize CHAI, a mobile payments solutions app to complete the transactions.
Speaking on the latest partnership, Daniel Shin, co-founder of Terra, highlighted the need for a blockchain for payments on music streaming platforms. He said,
“The value chain for payments is convoluted. There are six or seven players, and everyone takes a cut. We streamline the process.”
In this case since most people in Korea are familiar to using CHAI, it would be the public face and this way the spending options are ready for the users.
Daniel further said his team is working hard towards diversifying their services in order to make crypto payments easily and widely adopted.
‘Not at all rosy’
Despite the high technological acceptance rate in Korea, the country is still stifling blockchain and crypto projects.
The domestic uncertainty on crypto regulation has seen many companies move away from the country, as explained by Shin. This is clearly seen by his company’s huge presence in Korea, albeit being registered in Singapore, he said,
“I think Korea has the opportunity to lead globally, but the lawmakers have not given clarity. Everything is murky and uncertain. Giving clarity will be helpful for the sector.”
On August 5, Terra announced a partnership with South Korea’s fashion platform, Sinsang Market, to create a blockchain platform to hand payment transactions and delivery tracking.