South Korean B2B fashion platform Singang Market joins Terra Stablecoin Alliance

Sinsang Market, a South Korean business-to-business fashion platform, has joined Terra Alliance, Cointelegraph reported citing local news portal EconoNews.

Terra is a stabecoin project backed by a roster of prominent investors including Binance Labs, OKEx, Huobi Capital, Dunamu & Partners, Arrington XRP Capital, as well as Kakao Ventures and Kakao Investment, among others.

The Terra Alliance ecosystem is a stablecoin-focused association of large e-commerce companies. In an online post dated February 27, Terra said that it had onboarded multiple strategic e-commerce partners in Korea and the Southeast Asian region with a combined Gross Merchandise Value (GMV) of $25 billion and a customer base of 45 million users. This includes TMON, Qoo10, Yanolja, Megabox, Musinsa, and many others.

The partnership with Sinsang is aimed at creating a payment system that will deploy CHAI, a Korean mobile payment service. CHAI leverages Terra’s blockchain technology to ensure transactions are fraud-resistant and cash settlements with merchants.

“The collaboration is expected to significantly reduce retailers' costs and increase transaction convenience,” the press release reads (via online translation).

The fashion platform will also reportedly tap Terra’s platform to allow customers to conduct payments for a personal delivery service.

“[Sinsang] intends to move the Dongdaemun market, which had existed offline, online so that any fashion retailer can easily purchase items through online ordering and payment. The low fees and discounts offered by Terra are expected to accelerate this effort,” the release added.