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Chainlink Integrates With CenterPrime To Bring FX Rates Data From Korean Banks To DeFi

Chainlink (LINK) is integrating with CenterPrime to bring a foreign exchange rate data feed from Korean banks to DeFi space.

CenterPrime is a Hyperledger based project. It has access to the Korean open banking API that streams FX rate data from several local banks.

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. — Chainlink – Official Channel (@chainlink) July 25, 2020

According to CenterPrime’s press release:

“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.”

Chainlink co-founder Sergey Nazarov speaking at On-Chain Fintech Conference said:

“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 is one of the world’s largest and most advanced economies and also have one of the highest rates of crypto adoption in the world.

Having access to the decentralized data from the traditional financial markets should greatly expand the DeFi use case base.

The daily trading volume in the forex market is $6.6 trillion, it is over 100-times than that of the daily cryptocurrency trading volume.

If the DeFi industry manages to capture even a small portion of this value, this could translate into a positive momentum for the crypto space.

Source: Cointelegraph | Image: Unsplash

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