Sinsang Market, a South Korean b2b fashion industry platform has joined the Terra Alliance ecosystem, an association of large e-commerce companies.
The two will develop a payments system to offer end-to-end capabilities for wholesale transactions, including payments, settlement and delivery. It will utilize CHAI, a South Korean mobile payments platform powered by Terra’s blockchain technology.
Dongdaemun fashion market is one of the largest fashion wholesale markets globally, with an estimated $12 billion of turnover but at present it remains fragmented and relative poorly developed in terms of logistics and payment services. The hope is to connect the many small enterprises operating there more efficiently with their target markets.
Terra was founded by Daniel Sheen, creator of South Korean Ticket Monster e-commerce market. Last August, Terra completed a $ 32 million round of financing led by a number of major crypto exchanges, including Binance Labs, OKEx and Huobi Capital.