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S. Korea: Mobile Messaging Giant Kakao and Stablecoin Project Terra Have Partnered in Blockchain Payment System

A South Korean messaging giant Kakao Corp jointly with stablecoin project Terra to launch a blockchain-based payment system.

Kakao Corp, the major internet conglomerate and service provider for popular South Korean messaging app KakaoTalk, and a new stablecoin project, dubbed Terra, have signed a partnership agreement to develop the latter's blockchain-based payment system, local news outlet The Korea Times reported Nov. 14.

The new partnership agreement is to apply the former's blockchain platform technology Klaytn, the brainchild of Kakao subsidiary Ground X, to blockchain-based payment system.

Through two  firms cooperation, it is planned “to enhance core requirements for payment services, such as speed, stability and reliability,” says the article. It also adds:

“The [...] partnership agreement is expected to contribute to promptly creating a blockchain ecosystem suitable for services offered to a large group of people.”

Back to spring, Kakao Corp, announced the plans to establish a blockchain subsidiary tentatively named “Kakao Blockchain” and to launch an Initial Coin Offering (ICO), Cointelegraph reported Mar. 5. Later, the company introduced a new business plan, Kakao 3.0, that included opening a blockchain platform aimed at the wider Asian markets.

The testnet version of the Kakao’s new blockchain platform had been launched earlier this fall, ahead of a formal schedule in Q1 2019, Cointelegraph wrote Oct. 8.

Terra, a stablecoin project, co-founded by Daniel Shin, the creator of South Korean e-commerce marketplace Ticket Monster (TMON), revealed this fall the close of a $32 million funding round led by a string of major crypto exchanges, Cointelegraph reported Aug. 29.

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