Copy link
Increase text size
Decrease text size
Link copied

South Korean B2B fashion platform Singang Market joins Terra Stablecoin Alliance

Tue, 06 Aug 2019, 06:49 am UTC

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.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,628.04 (-4.90%)
  • Ethereum (ETH) $259.57 (-7.38%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $379.54 (-8.72%)
  • Bitcoin SV (BSV) $297.40 (-3.28%)
  • Bitcoin (BTC) $9,628.04 (-4.90%)
Feb 20, 2020 (Thursday)
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
US Presidential candidate Michael Bloomberg proposes crypto regulatory framework
IRS invites crypto firms to discuss cryptocurrencies and related issues
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Banking giant Citi backs blockchain trade finance network Contour
Bank of Korea to develop blockchain-based bond management system
Northern Data, Canaan partner to cooperate on AI, blockchain and datacenter operations
Crypto Technicals: ETH/USD closes above 5-DMA, set to resume bullish momentum
Nebulous launches blockchain-powered file sharing platform ‘Skynet’
Crypto Technicals: BTC/USD consolidates previous session's spike, 'Golden Cross' keeps scope for further upside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.