The Terra Stablecoin Is Partnering With a South Korean Fashion Market

Terra has added Sinsang Market to its alliance of internet marketplaces in an effort to create new payment systems for online shoppers.

AccessTimeIconAug 5, 2019 at 2:30 p.m. UTC
Updated Sep 13, 2021 at 11:17 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Singapore-incorporated, South Korea-focused stablecoin creator Terra has signed a major Korean B2B platform to its alliance of internet marketplaces.

According to a report on Econonews, a local financial website, Terra has agreed to work with Sinsang Market, a company that links vendors at Seoul’s Dongdaemun fashion market with customers in Korea and elsewhere in the world.

The two will develop a payments system to offer end-to-end capabilities for wholesale transactions, including payments, settlement and delivery. It will utilize CHAI, a South Korean mobile payments platform powered by Terra's blockchain technology.

Dongdaemun fashion market is one of the largest fashion wholesale markets globally, with an estimated $12 billion of turnover but at present it remains fragmented and relative poorly developed in terms of logistics and payment services. The hope is to connect the many small enterprises operating there more efficiently with their target markets.

According to other local press reports, Sinsang Market works with 18,000 wholesalers carrying 28 million products.

One of Terra's core strategies is to build an alliance of ecommerce sites and operate as a payment platform for them. The Terra coin may also be offered as an incentive for those making purchases on these sites.

Terra has approximately 25 such relationships already. The list of partners includes: South Korea’s TMON, also known as TicketMonster; The Galleria, a Gangman K-fashion mall; Qoo10, a Singapore-based online marketplace which claims to be the largest of its kind in the world; and Carousell, a Singapore-based online retailer.

Terra, which is incorporated in Singapore as TerraForm Labs, was founded in 2018 by Daniel Shin, who also founded TMON, and has broad connections with South Korea's Kakao and investment from Seattle-based Arrington XRP Capital.

Image via Shutterstock.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about