Payment system provider Terra to utilise Kakao’s proprietary blockchain platform

Partneship to help ‘Klaytn solidify its position as a blockchain platform for large-scale services’

Payment system provider Terra to utilise Kakao’s proprietary blockchain platform

South Korean mobile messaging giant Kakao Corp has partnered with Terra to improve the latter’s blockchain-based payment system, local news outlet The Korea Times has reported.

Kakao, which owns and operated the popular messaging app KakaoTalk, has shown significant interest in entering the blockchain space. Last month, the company’s blockchain subsidiary GroundX launched a testnet of its proprietary blockchain platform called Klaytn, which aims to provide an easy and friendly environment for end users, service providers and developers.

Meanwhile, Terra is a provider of a blockchain-based payment system that utilises stablecoins to diverse e-commerce platforms. According to The Korea Times, the company is also working to build borderless money exchange networks.

Terra hopes that the partnership with Kakao will allow it to enhance its system’s speed stability and reliability.

"Speed, stability and reliability are the most important issues in the blockchain-based payment system," Terra’s founder Shin Hyun-seung commented, as quoted by The Korea Times. "Terra will cooperate with Klaytn in coming up with ideas to solve the issues and offering services that give actual benefit to users."

Meanwhile, Kakao believes that the partnership will help “Klaytn solidify its position as a blockchain platform for large-scale services”. The partnership could potentially result in adding stablecoins to the Klaytn platform.

In developing Klaytn, GroundX’s main focus has been on user and developer experience, the company said when it announced the testnet launch last month. The blockchain uses a hybrid trust model, aimed at utilising the strengths of both private and public networks. This approach this would allow for the private network to have the security and transparency of a public blockchain “without sacrificing performance and reliability”.

Klaytn is expected to have its mainnet launch during the first quarter of next year.

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