Terra Stablecoin Alliance Adds South Korean Music Streaming Platform
Jack Martin's original article for cointelegraph.com reduced by 80%
Blockchain payment system and stablecoin issuer Terra has added South Korean music streaming platform Bugs to its e-commerce alliance. As CoinDesk reported Aug. 14, there are now 25 partners in the Singapore-based company's South Korea-focused payment ecosystem.
The Terra Alliance uses payment solutions provider CHAI as its front-end. Terra's blockchain-based platform then sits in the background, linking payments to e-commerce sites. Terra co-founder Daniel Shin said that the platform is smoother than the legacy payment systems in South Korea, "The value chain for payments is convoluted.
There are six or seven players, and everyone takes a cut. We streamline the process." In South Korea, entrepreneurs should not attempt something unless it is specifically codified, according to Shin."Before, it was crypto 'no', blockchain 'yes'," he said. While regulators in the country may still view crypto assets with some skepticism, blockchain technology is enjoying adoption across various sectors with South Korea's oldest bank recently announcing that it is building a blockchain-based security system.
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