Tue, January 31, 2023

Terra Stablecoin Partners with Bugs

Terra: Futuristic Global information network of the planet earth.

Previously, Terra added another partner to its payment provider alliance.

The Singapore-based, South Korean-focused blockchain provider and stable coin issuer has settled to work with Bugs.

The new provider is a South Korean music streaming service.

Bugs is the latest addition to the Terra Alliance, a group of ecommerce companies for which Terra provides payment services.

In the grouping, Terra now has 25 partners. The partnership includes some of the largest ecommerce players in the region. It also has desires to become the PayPal of Asia or even the next Alipay.

The latest partnership with Bug has given customers the access to pay for their song purchases via Terra.

The company stated that the settlement is the first of its kind between a major music streaming service and a blockchain payments platform.

Bugs has been around since 2002, and it has an estimated 5.8 million songs available for users. The company formerly known as Neowi, developed by NHN Entertainment in 2015.

The Importance of CHAI Between Bugs and Terra

The company registered on the Kosdaq, South Korea’s secondary market, with NHN maintaining about 45% of the shares.

The settlement between Bugs and Terra will use CHAI. It is a Korean payments solution provider, offering a mobile app for completing transactions.

CHAI will be the public face, while Terra will run the backend blockchain technologies.

The co-founder of Terra, Daniel Shin stated, “The value chain for payments is convoluted.”

He also added, “There are six or seven players, and everyone takes a cut. We streamline the process.”

The relationship with CHAI is key to Terra’s strategy, as the Alliance of the company is still building.

Shin wants the cryptocurrency to be operational. It also believes the best way to accomplish that is to have the front end be simple and intuitive.

The customers should also be given many ready options for spending.

The power of the blockchain and the coin are held in reserve mainly in the background.

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