Terra, a Blockchain payment system and stable coin issuer, added to its e-commerce alliance the South Korean music streaming platform Bugs.
There are now 25 partners in the Singapore-based company’s South Korea-focused payment ecosystem as reported on August 14.
The Terra Alliance uses CHAI payment solutions provider as its front-end. CHAI includes a mobile payments app which links to 15 major local banks.
Terra’s blockchain-based platform then serves to link payments to e-commerce sites.
Daniel Shin, Terra co-founder, indicated that the platform is more continuous than the legacy payment systems in South Korea.
He also added, “The value chain for payments is convoluted. There are six or seven players, and everyone takes a cut. We streamline the process.”
Earlier this month, an announcement by Terra indicated a partnership with fashion platform Sinsang Market.
South Korea’s regulatory uncertainty burden
Shin annotates that the regulatory clarity would be helpful for the cryptocurrency sector.
This is explaining the difference between South Korea and the United States.
According to Shin, in the U.S., if something is not illegal, then it is doable. However, in South Korea, administrators should not attempt something unless it is precisely ready.
Shin stated, “Before, it was cryptocurrency no, blockchain yes.”
Then he added, “Now it is more like blockchain yes, private cryptocurrency yes, public and listed cryptocurrency no.”
Meanwhile, regulators in the country may still view cryptocurrency assets with some doubt.
But blockchain technology is enjoying acceptance across various sectors with South Korea’s oldest bank.
Recently, it has announced that it is building a blockchain-based security system.
Elsewhere in Cryptocurrency Trading
On Thursday, Bitcoin traded at $9,638.1, down 10.18% on the day. It was the most significant one-day percentage loss on the cryptocurrency trading since July 16.
On the same day, Ethereum closed at $180.34 declining 15.15%.
XRP also traded low at $0.25612 lost 15.69%.