Chainlink Draws Currency Market Data From Top Korean Banks to DeFi

To offer a highly reliable Forex rate data feed, received from top Korean banks, to the DeFi sector, Chainlink (LINK) is integrating with CenterPrime, a Hyperledger blockchain based venture.

CenterPrice has direct connectivity to the Korean open banking API that relays FX data from multiple local banks. CenterPrime considers this development as a major milestone for the country’s financial technology domain. The company pointed out:

“This integration with Chainlink marks a major breakthrough for the Korean fintech industry. For the first time in history, applications will be able to access decentralized foreign exchange rates compiled by the best banks in Korea.”

While speaking at On-Chain Fintech Conference, Chainlink co-founder Sergey Nazarov stated that it is a wonderful chance for banks to take part in the “smart contract revolution.”

“I think banks can participate in the smart contract revolution and Blockchain. And then how they’re going to reinvent the global financial system is by the providing of various data, the providing of various services to these financial products.”

South Korea, being one of the world’s biggest and most progressive economies led by huge enterprises such a LG and Samsung, also has impressive cryptocurrency adoption rates across the globe.

Accessibility to decentralized data from the conventional financial markets, theoretically, is expected to substantially increase the DeFi real-world use cases.

Forex market’s daily trading volume is $6.60 trillion, more than 100 times that of every day cryptocurrency volume.

If the DeFi domain succeeds in gaining a small share of this market, it could provide huge thrust to the crypto sector.