Chainlink Integrates With CenterPrime To Bring FX Rates Data From Korean Banks To DeFi
CenterPrime, a private network based on Hyperledger with unique access to Korea’s open banking API, shares exchange rates of leading Korean banks including Hana Bank, Shinhan Bank, Nonghyup Bank and Korea Industrial Bank (IBK) to Chainlink’s decentralized oracle network.
“This integration with Chainlink marks a major breakthrough for the Korean Fintech industry. Applications will be able to access decentralized foreign exchange rates compiled by the best banks in [South] Korea. Projects will be able to access high quality Korean bank sourced exchange rates in the local currency KRW.”
For the first time ever, applications will be able to access the decentralised exchange rates compiled by Korea’s top banks. Projects will be able to access the high quality exchange rates of the Korean bank in local KRW currency. This opens up a wide range of opportunities for mass expansion of applications based on blockchains working with international applications and DeFi applications to create their own products at KRW price in local currency.
“After extensive research into the best methods of provisioning decentralized KRW-denominated exchange rates for use in Korean Fintech and DeFi, we identified Chainlink’s Price Reference Contract model as the best solution in the market, providing both highly secure infrastructure and an open framework that can satisfy all the different stakeholders.”
Chainlink has extensive experience in creating decentralized data transfer links, having already created numerous networks of decentralized reference prices that provide over a billion dollars in value for many leading DeFi applications.
Chainlink also works with major enterprises such as Google, Oracle and SWIFT. In addition, the World Economic Forum (WEF) recently selected Chainlink as one of its “Technology Pioneers” for 2020, a gathering of the world’s best “early stage” companies from around the world involved in the design and development of new technologies and innovations that can have a significant impact on business and society.
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