Blockchain fintech startup Terra said Tuesday that it had signed a memorandum of understanding (MOU) to build a blockchain-based mobility project model with Kakao Mobility.

Sharing the view that blockchain technology is an important dynamic in preparing for the upcoming mobility age, the two companies will create long-term cooperative ties through joint research into ways to enhance the competitive edge of the Kakao T platform and raise users’ convenience under the MOU. They will also continue to cooperate in finding business opportunities by combining the mobility service with blockchain technology both at home and abroad.

Kakao Mobility builds diverse solutions for taxi, chauffeur service, parking and navigation comprehensively through the Kakao T platform and offers these services. Kakao Mobility has secured 22 million users and about 230,000 taxi drivers are using the Kakao T platform.

“We will continue our close cooperation in multiple ways so that Terra’s innovative blockchain technology can be exploited to help sophisticate services offered by Kakao Mobility,” said Terra CEO Shin Hyun-sung. /shim@decenter.kr

Shim Doo-bo