South Korea’s Fashion Platform Sinsang Market Joins Terra Stablecoin Alliance
South Korea’s B2B fashion site Sinsang Market has become a member of the Terra Alliance ecosystem, a stablecoin-powered association of big e-commerce enterprises.
EconoNews, which mainly reports economics news, has stated that the collaboration between Sinsang and Terra intends to establish a payment system that employs Korean mobile payment service (CHAI).
The service has incorporated Terra’s blockchain technology to guarantee fraud proof transactions and settlements with vendors in fiat money.
Sinsang will utilize Terra’s platform to permit its clients to send payments for private delivery service. Terra’s platform will enhance order settlements, deliveries and payments via CHAI.
The Terra stablecoin was co-founded by Daniel Shin, creator of Couth Korean e-commerce marketplace Ticket Monster, which generated $4 billion in sales.
In August last year, Terra successfully raised $32 million in a funding round headed by a group of top cryptocurrency exchanges such as Binance Labs, Huobi Capital and OKEx.
Regarding the advantages of completing e-commerce transactions quicker, Shin commented as follows:
“From experience, I know that faster, more secure transactions at a fraction of today’s fees could be a game-changer for many e-commerce platforms.”
It can be remembered that Spankchain, Ethereum-powered adult entertainment site, introduced a cryptocurrency payment processing facility, named “SpankPay” along with two new associates. SpankPay will permit the use of a range of cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Zcash (ZEC), Litecoin (LTC), Monero (XMR) and others.