Blockchain-Based Payment System To Be Built By Kakao, Stablecoin Terra

News magazine The Korea Times has detailed that Kakao Corp, a main Internet multinational and service giver for the admired South Korean messaging app KakaoTalk, and a novel Stablecoin venture called Terra have inked a joint venture contract to build the Blockchain-based disbursement system.

The latest joint venture deal will convert the previous Blockchain platform technology Klaytn, the concept of the Kakao subsidiary Ground X, to a Blockchain – based disbursement system.

Due to the two firms’ collaboration, the editorial notes strategy “to enhance core requirements for payment services, such as speed, stability and reliability,” adding:

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

During the second quarter, Kakao Corp unveiled plans to setup a blockchain subsidiary uncertainly named “Kakao Blockchain,” as well as to introduce an Initial Coin Offering (ICO), Afterwards, the company presented a fresh business plan, Kakao 3.0, that incorporated setting up a blockchain platform intended at the wider Asian markets.

The testnet version of Kakao’s novel blockchain based software had been unveiled earlier last December, ahead of an official plan to introduce in Q1 2019.

Terra, a stablecoin venture co-founded by Daniel Shin — the architect of South Korean e-commerce marketplace Ticket Monster (TMON) —disclosed last December the completion of a $32 million financing round driven by a series of well-known crypto exchanges.