South Korea’s accommodation information and reservation platform Yanolja announced that it had signed an agreement with global blockchain project Terra.

The two companies agreed to research on blockchain-based payment settlement system as well as on the application of global blockchain platform.

Yanolja said  its blockchain-based platform would enable customers to cut reservation fees to 0.5 percent from the current 2-3 percent.

Yanolja and Tera will actively invest in the developing innovative blockchain-based global platform which is available to any people at any place at any time worldwide.

Terra is a blockchain-based fintech company. It is especially strong in the development of blockchain-based payment settlement platform. Terra recently attracted 36 billion won in investment.