Chainlink (LINK) is integrating with CenterPrime to deliver a overseas change, or FX, charge information feed from the Korean banks to the DeFi house.
“A breakthrough for Korean fintech business”
CenterPrime, a Hyperledger primarily based undertaking, has entry to the Korean open banking API that streams FX charge information from a number of native banks. In accordance to CenterPrime’s press launch, this can be a main milestone for the Korean fintech house. They famous:
“This integration with Chainlink marks a serious breakthrough for the Korean fintech business. For the primary time in historical past, functions will probably be in a position to entry decentralized overseas change charges compiled by the perfect banks in Korea.”
Chainlink information oracles throughout the DeFi ecosystem. Supply: CenterPrime.
Chainlink co-founder Sergey Nazarov talking at On-Chain Fintech Convention earlier within the day, mentioned that this is a chance for banks to take part within the “good contract revolution”:
“I feel banks can take part within the good contract revolution and Blockchain. After which how they are going to reinvent the worldwide monetary system is by the offering of assorted information, the offering of assorted companies to these monetary merchandise.”
A market that dwarfs crypto 100-x
South Korea is without doubt one of the world’s largest and most superior economies. They’re residence to such tech heavyweights as Samsung and LG, and now have one of many highest charges of crypto adoption on the earth.
Having entry to the decentralized information from the normal monetary markets, in principle, ought to enormously develop the DeFi use case base. The every day buying and selling quantity within the foreign exchange market is $6.6 trillion, it’s over 100-times that of the every day cryptocurrency buying and selling quantity. If the DeFi house manages to seize even a small portion of this worth, this might translate right into a constructive momentum for the crypto house.