Chai Card

Bad news about Korea's CHAI crypto card--a bust for new cardholders


Hey folks so this is an update from my post from a couple weeks ago about the Korean CHAI debit card. Just as a refresher, the CHAI card is a product that was launched late last year which utilizes the Terra system, converting loaded Korean Won (KRW) into KRT, and therefore processing transactions via KRT instead of fiat currency. My goal (or hope) of opening up the card was to have a vehicle to swap KRW and KRT back and forth easily. In my last post I was in the process of trying to apply and get a CHAI card. The following is what happened afterwards...

After accumulating the required 20 thunder boosts, I quickly redeemed and applied for the CHAI debit card, which I received promptly in about couple days. I then activated the card, and then looked to connect my terra wallet to the app. After looking through all the funding options for the CHAI card, there was no Terra option to be found. 

No Terra option

Immediately assuming that there must be some type of mistake, I called customer service who promptly informed me that the partnership between Terra and CHAI was discontinued, effective for all new customers after September 17th, 2021. If you were lucky enough to get this card prior to September 17th, you still should have access to Terra. And just to clarify, just because the card doesn't directly connect with the Terra wallet does not mean that it doesn't harness Terra to make payments easier, it's only that the system no longer allows new users to access their KRT as KRT. To make matters worse, the service rep informed me flatly that there was no other available option (that she knew of) to access the card's KRT via any other route, and that there were no future plans as of right now to bring it back.  

What struck me as really bizarre throughout this application process was that I couldn't find a single tweet/article/blog/reddit that talked about the Terra being taken off. I saw tweets as recent as September, raving about how they were accessing KRT--yet not a single word or complaint about it not being able to access it. Not only that, I didn't see a single post or notice about the "dissolvement' of the Terra/CHAI partnership. Nothing. Nada. Zip. 

So all this "good news" about the Terra card? Consider it lost. If you were one of the lucky ones, please use the hell outta this card. What I don't get, is how or who allowed this to happen. Was it not profitable to have access to the Terra system thus encouraging more users? According to CHAI scan, there's a clear drop-off in membership usage since this change has taken effect. 

 

Weekly users according to CHAI scan

Well, I hope they consider bringing this option back. Otherwise, I think my CHAI card will be sittin' in a sock drawer until then. 

Anybody experience the same frustrations with the CHAI card? Or more importantly, does anyone know of any other better ways to change Korean won easily back and forth with KRT? I only know of Coinone, but I'm a bit skeptical about the fees... 

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Messin' With Cryptos
Messin' With Cryptos

I've made a ton of mistakes along the way in the world of Defi and cryptocurrency. Hopefully by taking some of the lessons learned and cues i've went through, you'll be a bit more success


Messin' around with Crypto's
Messin' around with Crypto's

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