Chainlink (LINK) is integrating with CenterPrime to deliver a overseas change, or FX, charge knowledge feed from the Korean banks to the DeFi area.
“A breakthrough for Korean fintech trade”
CenterPrime, a Hyperledger based mostly undertaking, has entry to the Korean open banking API that streams FX charge knowledge from a number of native banks. Based on CenterPrime’s press launch, this can be a main milestone for the Korean fintech area. They famous:
“This integration with Chainlink marks a significant breakthrough for the Korean fintech trade. For the primary time in historical past, functions will have the ability to entry decentralized overseas change charges compiled by the very best banks in Korea.”
Chainlink knowledge oracles inside the DeFi ecosystem. Supply: CenterPrime.
Chainlink co-founder Sergey Nazarov speaking at On-Chain Fintech Convention earlier within the day, mentioned that this is a chance for banks to take part within the “sensible contract revolution”:
“I feel banks can take part within the sensible contract revolution and Blockchain. After which how they’ll reinvent the worldwide monetary system is by the offering of varied knowledge, the offering of varied companies to those monetary merchandise.”
A market that dwarfs crypto 100-x
South Korea is among the world’s largest and most superior economies. They’re dwelling to such tech heavyweights as Samsung and LG, and still have one of many highest rates of crypto adoption in the world.
Gaining access to the decentralized knowledge from the normal monetary markets, in idea, ought to vastly broaden the DeFi use case base. The daily trading volume within the foreign exchange market is $6.6 trillion, it’s over 100-times that of the day by day cryptocurrency trading quantity. If the DeFi area manages to seize even a small portion of this worth, this might translate right into a positive momentum for the crypto space.