CryptoTicker: Korean Banks Adopt Chainlink for DeFi Applications

  • Wednesday, 29 July 2020 04:13
Chainlink announced on Jul 25 that they have partnered with Center Prime blockchain to access and integrate forex data from four major Korean banks (Hana Bank, Shinhan Bank, Nonghyup Bank and Industrial Bank of Korea) to enhance Decentralized Finance (DeFi) functionality on the platform and bridge its gaps with Centralized Finance (CeFi). This integration with Chainlink will be a major boost for the Korean fintech industry and DeFi, since projects will be able to access high-quality secure and reliable data from major Korean banks, denominated in Korean Won (KRW). According to the press release, Center Prime found Chainlink to be the best choice, because of its industry leading expertise and highly secure modular infrastructure that is best suited for this purpose. Top Korean banks: Hana Bank, Shinhan Bank, Nonghyup Bank, and Industrial Bank of Korea select #Chainlink and CenterPrime to bring their forex data on-chain, transforming the capabilities of open banking services, fintech and #DeFi. https://t.co/sMS24ppb1G— Chainlink - Official Channel (@chainlink) July 25, 2020 The data will be shared initially on the Ethereum blockchain, but can be made available on other blockchains. The forex data provided would be KRW/USD, KRW/EUR, and KRW/CNY etc. which Center Prime would relay to the Korean Fintech industry and other DeFi projects through Chainlink's proprietary decentralized data oracles. About Chainlink Chainlink is a decentralized data oracles service, which connects smart contracts to off-chain real world events information. The oracles are secure, resistant to manipulation and thus reliable. The main product Chainlink price reference contracts consists of 30 DeFi price feeds, on the Ethereum network, each consisting of 7 to 21 secure, independent Sybil resistant nodes, sourcing data from a high quality aggregator. Chainlink Korean© Cryptoticker

Additional Info

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Disclaimer: As a news and information platform, also aggregate headlines from other sites, and republish small text snippets and images. We always link to original content on other sites, and thus follow a 'Fair Use' policy. For further content, we take great care to only publish original material, but since part of the content is user generated, we cannot guarantee this 100%. If you believe we violate this policy in any particular case, please contact us and we'll take appropriate action immediately.

Our main goal is to make crypto grow by making news and information more accessible for the masses.