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By Jun Ji-hye
Kakao has signed a partnership agreement with Terra to apply the former's blockchain platform technology Klaytn to the latter's blockchain-based payment system, the two firms said Wednesday.
Terra, founded by TMON creator Shin Hyun-seung, is a global company offering a blockchain-based payment system, which utilizes "stablecoin," to diverse e-commerce platforms and is working to build borderless money exchange networks.
Kakao, the nation's largest mobile messenger app operator, has also been accelerating the development of a blockchain ecosystem. On Oct. 8, its subsidiary Ground X unveiled plans to launch a testnet version of its blockchain platform Klaytn.
The two firms said their partnership agreement is expected to contribute to promptly creating a blockchain ecosystem suitable for services offered to a large group of people.
Through cooperation with Kakao, Terra plans to enhance core requirements for payment services, such as speed, stability and reliability.
The two firms will also discuss measures to utilize the Klaytn platform for Terra's upcoming blockchain services and carry out joint research to bring stablecoin to the Klaytn platform.
"Speed, stability and reliability are the most important issues in the blockchain-based payment system," Shin said. "Terra will cooperate with Klaytn in coming up with ideas to solve the issues and offering services that give actual benefit to users."
Ground X CEO Jason Han said Terra has built an alliance with global e-commerce partners, including a global shopping platform Qoo10, of tens of millions of users worldwide.
"Cooperation with Terra will help Klaytn solidify its position as a blockchain platform for large-scale services."
According to Ground X, Klaytn is seeking to popularize blockchain, prioritizing user and developer experience. It has signed partnership agreements with firms in diverse industries including games and content.
