Kakao’s Blockchain Platform Klaytn Partners With Crypto Stablecoin Terrabr>
South Korean chat giant Kakao has partnered with blockchain project Terra to facilitate crypto payments on Asian online shopping platforms.
Kakao is an integrated mobile lifestyle platform company with services including mobile messaging (Kakao Talk), gaming (Kakao Games), music (Melon), e-mail (Daum Mail), search (Daum Search), news (Daum News), and more. Its subsidiary GroundX recently launched Klaytn, a blockchain platform that aims to provide an optimized platform for service providers to develop and operate decentralized applications (DApps). It eliminates the traditional inconveniences including wallets, private keys, and cryptograph addresses in order to lower the barriers to blockchain technology for normal end-users.
Terra describes itself as a protocol of money that ensures price-stability by algorithmically expanding and contracting supply. It is developing a price-stable digital currency that will be designed for mass adoption. In August, it raised $32 million in seed funding led by a number of major crypto exchanges.
Under the partnership, Terra will use Klaytn’s blockchain platform to build its blockchain-based payment system. Terra plans to enhance core requirements for payment services, such as speed, stability and reliability. The two companies will also explore ways to utilize the Klaytn platform for Terra’s upcoming blockchain services and conduct joint research to bring the Terra stablecoin to the Klaytn platform.
“I expect the cooperation of Klaytn and Terra will make our digital currency a safe and useful tool,” said Terra founder Shin Hyun-seung. “Speed, security and reliability are the key considerations for blockchain-based payment processors. Terra will work together with Klaytn to provide a service that consumers can use easily and benefit from.”
“Working with Terra, which is already partnered with leading e-commerce firms around the world, will help Klaytn cement its position as a blockchain platform for large-scale services,” said Han Jae-sun, chief executive of GroundX. “We will continue to build a blockchain ecosystem that supports services like Terra’s that require speed and security.”