On Aug 3rd, EconoNews reported that the alliance between Terra and Sinsang Market will create a payment system that “deploys Korean mobile payment service CHAI.”
Payment service, CHAI will use terra’s blockchain technology to check that transactions are fraud-proof with the ability to settle payments with fiat currencies.
On the other hand, business-to-business fashion platform Sinsang will integrate Terra Stablecoin alliance ecosystem to enable its customers a personal delivery service as well as to conduct payment for it.
Terra Stablecoin ecosystem will reportedly use CHAI to use its service for payments and delivery while improving its settlement orders.
Fashion and blockchain
Dongdaemun fashion market is one of the largest fashion markets in the world with an estimation of $12 billion turnovers. Due to poor logistics and payment delivery service the market remains fragmented.
Singsang Market links vendors at Seoul’s Dongdaemun fashion market with all over the world. The integration of Terra Stablecoin with Singsang market is to link the vendors with their target markets.
Daniel Shin co-founded Terra stablecoin, who is also the creator of South Korean E-commerce Ticket Monster, “boasting a sale of $4 billion in total sales at the time”.
“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”. Daniel Shin co-founder Terra stablecoin
“According to other local press reports, Sinsang Market works with 18,000 wholesalers carrying 28 million products.”