Chainlink (LINK) is integrating with CenterPrime to deliver a international trade, or FX, price information feed from the Korean banks to the DeFi
Chainlink (LINK) is integrating with CenterPrime to deliver a international trade, or FX, price information feed from the Korean banks to the DeFi area.
“A breakthrough for Korean fintech trade”
CenterPrime, a Hyperledger based mostly venture, has entry to the Korean open banking API that streams FX price information from a number of native banks. In response to CenterPrime’s press launch, it is a main milestone for the Korean fintech area. They famous:
“This integration with Chainlink marks a serious breakthrough for the Korean fintech trade. For the primary time in historical past, functions will have the ability to entry decentralized international trade charges compiled by the most effective 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 believe banks can take part within the good contract revolution and Blockchain. After which how they will reinvent the worldwide monetary system is by the offering of varied information, the offering of varied companies to those 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 dwelling to such tech heavyweights as Samsung and LG, and still have one of many highest charges of crypto adoption on the earth.
Accessing the decentralized information from the normal monetary markets, in concept, ought to vastly increase the DeFi use case base. The each day buying and selling quantity within the foreign exchange market is $6.6 trillion, it’s over 100-times that of the each day cryptocurrency buying and selling quantity. If the DeFi area manages to seize even a small portion of this worth, this might translate right into a optimistic momentum for the crypto area.