Stablecoin project Terra has joined hands with Klaytn, the public blockchain platform of Korea’s largest mobile platform Kakao. Terra is led by TMON (formerly Ticket Monster) founder Shin Hyun-sung.

In a press release Wednesday, Terra said it had formed a strategic partnership with Klaytn. Terra said it would collaborate with Kakao’s Klaytn, which has built a technical environment for blockchain suited for services targeting multiple users, to strengthen speed, stability and reliability essential to popular settlement services. Furthermore, the two companies will discuss how to utilize Klaytn’s platform in relation to Terra’s upcoming blockchain service. They also plan to conduct a joint study to introduce stablecoins into Klaytn’s platform. Terra is providing a blockchain-based settlement system using stablecoins and aims to commercialize the system through Terra Alliance, which boasts an annual turnover of about 28 trillion won and a 40 million customer base. Terra Alliance consists of Asia’s leading e-commerce platforms, including Korea’s TMON, Baedal Minjok and Yanolja, Singapore-based global shopping platform Qoo10, Southeast Asia’s largest secondhand goods marketplace Carousell and Vietnam’s retail company Tiki.

“We expect stablecoins to be used in our daily lives stably and appropriately thanks to the partnership between Terra, Asia’s leading e-commerce alliance, and Klaytn having multiple users,” said Shin, adding that speed, stability and reliability matter most to the blockchain-based settlement system. “Terra will cooperate with Klaytn to resolve this and strive to offer services consumers can use handily and from which they can get substantial benefits,” he explained.

Han Jae-sun, CEO of Ground X, who oversees the development and operation of Klaytn, said, “Collaboration with Terra will certainly pave the way for Klaytn to consolidate its position as a blockchain platform for large-scale services. We will take the lead in creating a blockchain ecosystem for popular services such as Terra’s settlement service.”
/Jaeyeon Won Reporter wonjaeyeon@decenter.kr

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