Terra’ flagship payment App CHAI is now live on OHOUSE, the number 1 Korean interior design and furniture platform. Earlier this year, Terra announced its alliance with CHAI that allows a bank account’s user to make online payments over the blockchain.
Addressing the crypto community at Invest: Asia 2019, co-founder Do Kwon drew CHAI UX equivalence with top payment apps Alipay and Kakao. The App uses a 6-digit pin like a debit/credit card instead of the private key that is the highlight for eCommerce. This happens to be the third online marketplace integration of the App. And Kwon was excited to share the double-digit growth that went from 280,000 to 400,000 from July to August
Talking about mass adoption and growth
CHAI leverages Terra’s stablecoin economy. And that is how it facilitates transaction fees as low as 0.5%. Terra utilizes the algorithmic monetary policies to enable 5-10% ongoing discounts to platform users.
Undoubtedly, Terra has grown, but Kwon has his own perspective about it. Kwon emphasized coin price does not reflect growth. As per him credibility and growth of a blockchain project cannot be measured by its telegram community and twitter followers.
To establish the fact, he stated elaborated on the disconnect between the Bitcoin price and a number of transactions. A clear disconnect was evident.
Explaining the current market scenario, it was shown how the “vague price pump” is the story of the past. The user’s fundamentals are gradually becoming the basis of the growth of token prices.
Is Terra growth-hacking crypto?
In only 12 weeks, CHAI has exceeded the daily active user count of leading tokens like Bitcoin Cash and XRP. It was interesting to know that all this was achieved with zero acquisition cost.
Focusing purely on usership, Terra is actually growth-hacking the crypto space in real terms.
It entails Terra’s user experience as the defining matrix of usership. On top of that, the Terra-Chai platform replaces credit card companies, payment gateways, user and partner banks to simplify the payment rail.
Questions and Answers
Do you see SEA as the catalyst for adoption?
Asia has an immense eCommerce market. The active e-commerce market in Korea has 80 billion users, Japan has 200 billion while Taiwan has 40 billion users. This volume of users makes SEA a perfect place for Terra to growth.
Do you foresee any regulatory issues?
The team believes that companies will undoubtedly face regulatory issues. However, all effort put into building the project for past 18months has made it easy to talks with the governing bodies.
Any scalability issue based on current adoption choice?
Currently, the focus at Terra is to keep improving as they grow users. Cosmos is expected to solve most of the problems that come in the way of Terra adoption.
As part of the partnership, Terra-CHAI is integrating with Asian unicorns like TMON (eCommerce), Baemin (Food Delivery), Carousell (C2C platform), and Tiki (eCommerce). In the meantime, Tiki userbase grew by 4X with CHAIN integration. Terra’s growth curve is indeed promising.
Read other updates from Invest Asia 2019 here.