Terra Alliance joins second-hand market service operator Bungaejangter
Global blockchain-based fintech company Terra signed a partnership with the leading mobile second-hand market service operator in Korea Bungaejangter. The agreement Through the partnership, Bungaejangter has adopted the mobile payment service CHAI from Oct. 7. Bungaejangter users will now have their payment commission rate, which could go as high as 3 percent on a credit card purchase, exempted through blockchain technology. Additionally, starting at the end of October, sellers will be able to watch in real time whether a payment has been deposited in their bank account when the buyer purchases the goods through CHAI on Bungaejangter, instead of the three to five days later. This service will be provided with limited access but gradually expanded to all users. Meanwhile, Terra recently signed a partnership with BC Card that will launch a CHAI check card in the first half of next year. What is Terra? Terra is a global fintech company specializing in blockchain-based payment systems offered on various ecommerce platforms. The company was co-founded by Daniel Hyunsung Shin, who founded the ecommerce company TMON. Terra‘s goal is to create a network of mobile payments and borderless exchanges of currencies and payment points. Additionally, it is currently in the process of commercializing its service through the Terra Alliance, which consists of ecommerce platforms in the Asia Pacific region including TMON, Baedalminjok and Qoo10.