Chainlink [LINK] is now integrating with CenterPrime to bring forward a foreign exchange, or FX, rate data feed from the Korean banks to the DeFi ecosystem.
Serious Milestone For Korean Fintech Ecosystem
A Hyperledger based project, CenterPrime, has access to the Korean open banking API that streams FX rate data from several native banks. consistent with CenterPrime’s announcement, this is often a serious milestone for the Korean fintech ecosystem. They added:
“This integration with Chainlink marks a serious breakthrough for the Korean fintech industry. For the primary time in history, applications are going to be able to access decentralized exchange rates compiled by the simplest banks in Korea.”
Chainlink co-founder Sergey Nazarov speaking at On-Chain Fintech Conference recently, added that this is often a chance for banks to participate within the “smart contract revolution”:
“I think banks can participate within the smart contract revolution and Blockchain. And then how they are going to reinvent the worldwide economic system is by the offering of varied data, the providing of varied services to those financial products.”
Expanding DeFi Use Case Base
South Korea is one among the world’s leading and most advanced economies. They’re home to such tech heavyweights as Samsung and LG, and even have one among the very best rates of cryptocurrency adoption within the world.
Having access to the decentralized data from the daily financial markets, in theory, should greatly expand the DeFi use case base. The daily trading volume within the forex market is over $6.6 Trillion, it’s over 100x-times that of the daily cryptocurrency trading volume. If the DeFi space manages to capture even a little portion of this value, this might translate into a positive momentum for the cryptocurrency space too.