There is no industry globally undergoing fundamental shift like the payments industry. To continue the revolution, Klaytn signs a strategic partnership with Terra, aimed at further exploiting the industry.
According to a news release, the two blockchain-based firms will “utilize their blockchain technology and business know-how with the joint intent of creating a blockchain ecosystem suitable for mainstream use.”
Lowering Barriers to Blockchain for End-users
In late March, South Korean internet giant Kakao launched Ground X. This is a subsidiary with the main intention of spearheading the firm’s foray into blockchain technology. Besides, the project would develop blockchain-related products like blockchain platforms and other products in Japan.
Fast forward, Ground X launched Klaytn, a public blockchain platform, in the early weeks of August this year. In particular, the platform would serve Ground X’s partners and other interested clients.
As per an official statement, the project’s partners would have access to Klaytn’s testnet. Interestingly, the blockchain platform promises to eliminate traditional inconveniences associated with blockchain platforms. These include wallets, private keys, and cryptograph addresses. In essence, the aim is to “lower the barriers to blockchain technology for end-users.”
In the light of the above, Terra will be able to utilize the blockchain platform to deploy certain services. Particularly, the firm will fine-tune its digital payment solutions. As per the news release, the company will release its stablecoin on the Klaytn platform.
Klaytn Signs Strategic Partnership with Terra to Deliver Blockchain to the Masses
As well as facilitating Terra’s payments solutions, the stablecoin will increase the usability of dApps created on Klaytn.
Already, Terra is working with major e-commerce players to drive the mass adoption of its payment solutions. Dubbed the “Terra Alliance,” the ecosystem boasts $25B USD in annual transaction volume and also 40 million customers.
As per the news release, some of the Asian e-commerce players in the Terra Alliance include, “Korea’s Ticket Monster, Woowa Brothers, and Yanojia, Singapore’s Carousell and Vietnam’s TIKI.”
In collaborating with Terra, Klaytn hopes to achieve its goal of becoming the platform of choice in Asia’s blockchain space.
As Klaytn signs strategic partnership with Terra, Jason Han, CEO of Ground X believes it solidifies their strategy.
“Our goal is to develop a blockchain service suitable for mass adoption. This means creating a platform that can support a payment system like Terra’s with the necessary speed and stability,” Han said in comments regarding the new partnership.
On the other hand, the collaboration will help Terra to “explore ways to bring blockchain services into the lives of everyday users.”
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