Terra’s Blockchain Payment Network Eyes Mass Adoption Through Payments dApp CHAI
Terra just made four important announcements during the Korea Blockchain Week, hinting at an aggressive market expansion.
Terra is an algorithmic stablecoin that aims to become the first mass adopted cryptocurrency globally. Terra is collateralized by a second native token called Luna (LUNA). Luna is already listed on a lot of Korean exchanges as well as global exchanges like Bitrue, KuCoin, and Bittrex.
Terra has already garnered over 25 partners who push over $50 billion in annual transaction volume. The startup has signed multiple partnership agreements to integrate Terra’s payment system to their platforms, serving as an ideal launchpad to get Terra into the hands of millions.
However, the most critical partner that Terra has is its dApp and Korean mobile payment service – CHAI. Terra can leverage CHAI’s considerable audience to become one of the most active blockchains in the world.
Important Announcements Made During the Korea Blockchain Week
During the Korea Blockchain Week, Terra co-founder Do Kwon made four important announcements regarding CHAI that hinted at aggressive expansion:
- CHAI is now available on Yanojla, the number one hospitality app in Korea, with over ten million users.
- Terra and Shinsegae (SSG) Duty Free have teamed up to process global payments in Hong Kong via a new localized dApp called “CHAI DF.” SSG Duty Free is a market leader in Korea’s $17 billion duty-free shopping market.
- By end-of-year, CHAI will also be launching offline payments with CU – Korea’s largest convenience store chain. Payments through the CHAI app can be made in CU’s 14,000 retail locations scattered across the nation.
- CHAI will also be collaborating with BC Card to launch a CHAI debit card by early 2020. BC Card is the largest payment processor in Korea. The CHAI card will be accepted at BC Card’s 3 million+ affiliates in Korea, with plans to expand globally with BC’s global network partners.
CHAI and Terra
The biggest catalyst to Terra’s massive growth so far has been its collaboration with CHAI. CHAI enables consumers to easily pay for items online by simply adding their bank account. CHAI has already partnered up with 15 major local banks. Within three months after launching, CHAI has managed to gather over 430,000 users and outperformed the more established KakaoPay in both the Apple App Store and the Google Play Store.
Keeping all these numbers in mind, it is plain to see why this collaboration is such a big deal. DApps usually struggle to attract a reasonable user base. However, with this partnership, Terra will be able to offer its blockchain technology through CHAI to its vast user base. If mass adoption is the ultimate goal, then Terra is already off to a roaring start.
Backed by Giants and Eyes on Expansion
Terra is already backed by some of the biggest names in the crypto space. Some of their backers include – BinanceLabs, Huobi Capital, OkEX, Monex Group, Polychain Capital, Arrington XRP Capital, Kakao Ventures, 1kx, etc.
Terra is also looking to expanding its operations with offline payments
- Have planned to implement their payment system in Mongolia and reshape the country’s financial landscape. This will launch in H2 2019.
- Eye expansion in the Southeast Asia region by leveraging their strong base in countries like Singapore and the support that they have received from new investors.
With these four announcements, Terra has primed itself for exponential growth. Since mainstream adoption is the name of the game, Terra is definitely a project to keep an eye out for. By leveraging innovative design and strategic partnerships, Terra is ready to take the payments world by storm.