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Stablecoin creator Terra has added South Korean music streaming platform Bugs to its e-commerce alliance, according to CoinDesk.
Bugs is the latest addition to the Terra Alliance, which is a group of e-commerce companies in which Terra provides payment services. Terra has onboarded 25 partners so far and aims to become the PayPal of Asia.
Under the partnership – reportedly the first such collaboration between a music streaming service and blockchain payments platform, Bugs users can purchase songs using Terra.
Terra Alliance uses payment solutions provider CHAI as its public face. CHAI integrates a mobile payments app that connects to 15 major local banks. Terra, on the other hand, will provide the backend blockchain technologies, linking payments to e-commerce sites.
Daniel Shin, Terra Co-Founder, noted 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.”
Other than the partnership, Shin also commented on the lack of regulatory clarity in the country. He noted that if something is not deemed illegal in the U.S., then it can be done. Meanwhile, in South Korea, business entities should not attempt something unless it is codified specifically.
“Before, it was crypto ‘no’, blockchain ‘yes’. Now it is more like blockchain ‘yes’, private crypto ‘yes’, public and listed crypto ‘no.’”
Although the country has shown skepticism on crypto-assets, blockchain technology is gradually being adopted across different sectors. In fact, the country’s oldest financial institution Shinhan Bank has signed a memorandum of understanding with Kakao-backed Ground X and blockchain developer Hexlant to build a Private Key Management System for banking services.
