South Korean Fashion Platform Sinsang Market to Partner With Terra Stablecoin
Terra, a Singapore-incorporated stablecoin company, has recently decided to start a partnership with Sinsang Market, a major B2B fashion platform based in South Korea. According to a local site based on financial news, the new partnership will see vendors linked to the fashion market in South Korea.
The two firms will get together to create a payment system that will be used for crypto transactions and to handle the delivery of the products afterward.
According to the reports, the new platform will use CHAI, a South Korean platform that is based on the technology created by Terra.
Representants from the fashion market Sinsang affirmed that Dongdaemun, the region that is the focus of the company, is one of the largest wholesale operations in the continent and that it has a turnover of over $12 billion USD.
However, despite being so big, there are still several issues when it comes to the part that involves logistics and payments. By using the technology provided by Terra, Sinsang Markets intends to connect several small enterprises with the outside market.
Terra is currently looking for more e-commerce companies in order to use its payment platform. Because of this, the companies were the perfect match. Each one had what the other one needed the most. Terra currently has 25 partnerships with several companies in the Asian market. The tech company, which was founded last year by Daniel Shi, is currently based in Singapore.