Kakao Mobility signs MOU with Terra to build blockchain-based mobility business model

Kakao Mobility, a subsidiary of South Korean internet giant Kakao, has signed a Memorandum of Understanding (MOU) with stablecoin project Terra, TokenPost Korea reported.

Under the MOU, the companies will work closely to build a blockchain-based mobility business model.

Founded in 2017, Kakao Mobility provides online taxi-hailing and parking services. Its brands include Kakao Taxi, Kakao Driver, and Kakao Navi. It also provides its services through a mobile application.

Per the report, Kakao Mobility and Terra have agreed for long-term cooperation to jointly research ways to enhance the competitiveness of Kakao T, a Korean transportation service app launched by Kakao Mobility. They will also collaborate to build a business model and database based on blockchain technology.

The companies will work together to explore business opportunities resulting from the integration of blockchain technology into mobility services in both domestic and overseas markets.

"We are delighted to be working with Kakao Mobility, which has led mobility innovation, to collaborate on the development of a blockchain-based business model," Terra co-founder Daniel Shin said. "We will continue to cooperate in various ways so that we can utilize [Terra's innovative blockchain technology] for advanced service."

Terra is a “price-stable cryptocurrency aimed at mass adoption. The project is 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.

In November 2018, Kakao partnered with Terra to apply Klaytn, a blockchain platform developed by its subsidiary Ground X, to Terra's blockchain-based payment system.

[The article has been written using online translation of the source article.]