Messaging Giant Kakao, Stablecoin Land Partner for Blockchain Payment System


Kakao Corp, one of the largest conglomerates and service providers for the popular South Korean messaging app KakaoTalk, and a new stablecoin project, dubbed Terra, have signed a partnership agreement to develop the blockchain-based payment system for this company. last, The Korea Times. reported on November 14th.

The new partnership agreement will apply the blockchain platform technology of the former Klaytn, born from the birth of Kakao's subsidiary X, to a blockchain-based payment system.

Through the cooperation of the two companies, the article notes the plans "to improve the basic requirements for payment services, such as speed, stability and reliability", adding:

"The […] it is expected that the partnership agreement will help to quickly create a blockchain ecosystem adapted to the services offered to a large group of people. "

In the spring, Kakao Corp announced its intention to create a blockchain subsidiary called "Kakao Blockchain" provisionally, in addition to launching an Initial Coin Offering (ICO), Cointelegraph reported on March 5. Subsequently, the company introduced a new business plan, Kakao 3.0, which included the opening of a blockchain platform aimed at the wider Asian markets.

The testnet version of Kakao's new blockchain platform was launched at the beginning of this fall, in view of a formal launch program in Q1 2019, Cointelegraph wrote on October 8th.

Terra, a stablecoin project co-founded by Daniel Shin – the creator of the South Korean e-commerce market Ticket Monster (TMON) – revealed this fall the closure of a $ 32 million round driven by a series of important cryptographic exchanges, Cointelegraph reported August 29.

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