Kakao's Blockchain Platform Announces Strategic Partnership with 'Terra'

Kakao's global public blockchain platform, 'Klaytn' has announced a strategic partnership with 'Terra,' the leading next-generation blockchain-based payment platform. Klaytn and Terra will utilize their blockchain technology and business know-how with the joint intent of creating a blockchain ecosystem suitable for mainstream use.

Klaytn and Terra are both building platforms and services for real world applications. Through this strategic partnership, both parties will explore ways in which Terra's stablecoin and payment system can be utilized on Klaytn's platform. Moreover, both will research on how Terra can release a stablecoin solution for Klaytn to increase the usability of the DApps (Decentralized Applications) being built on the platform.

Terra is designing a price-stable cryptocurrency that will power the next-generation payment system on the blockchain. It has formed an alliance with some of the largest e-commerce platforms in Asia to quickly drive mass adoption of its payment solution. To date, the Terra Alliance has a total of $25 billion in annual transaction volume and 40 million customers, including Korea's Ticket Monster (TMON), Woowa Brothers, and Yanolja, along with Singapore's top C2C marketplace Carousell and Vietnam's fastest-growing eCommerce platform TIKI.

Klaytn, which has launched its testnet exclusively to partners last month, is dedicated to the popularization of blockchain. In doing so, Klaytn provides user-friendly UX/UI and an easy DX environment for developers to create blockchain services. What's more, Klaytn has made initial service partnership with leading enterprises in various industry domains including games, entertainment, healthcare, finance, etc., with a plan to further strengthen its ecosystem before the mainnet launch early next year.

"Terra has successfully established an alliance with some of the fastest growing e-commerce services with tens of millions of global users, including Korea's TMON and Woowa Brothers, as well as global platforms such as Qoo10 and Carousell. Collaborating with Terra will thus contribute to solidifying Klaytn's position as a blockchain platform for mass adoption," said Jason Han, the CEO of Ground X, which develops and operates Klaytn. "Our goal is to develop a blockchain service suitable for mass adoption. This means creating a platform that can support a payment system like Terra's with the necessary speed and stability."