Ever since its inception, Chainlink has taken the market by storm as the world’s most popular decentralized oracles network. The project has been a hit with multiple major industry players, including the likes of Google, with the most recent development coming from top Korean banks that are set to feature Chainlink’s services.
According to an announcement at an event in Seoul, Chainlink is integrating with Hyperledger based project CenterPrime, to deploy a foreign exchange rate data feed from Korean banks to the Decentralized Finance market in the nation.
CenterPrime has access to the APIs from major Korean banks, and its data feed will now be shared on Chainlink, to allow app developers to source nationally-verified forex data from big names like Shinhan Bank and the Industrial Bank of Korea (IBK).
A press release from CenterPrime states that the development is a huge milestone for the DeFi space in Kore:
“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.”
The entire process is fully decentralized and will allow the Korean market to open up globally on the Blockchain. Being one of the most advanced economies with the highest rates of crypto adoption, access to decentralized data from the traditional finance market would further boost the DeFi economy.
“By opening up access to these key price feeds, we anticipate a major uptick in development within the Korean Fintech and DeFi market,” CenterPrime said.
At present, the price reference feed will be deployed on the Ethereum network but can be ported to other platforms via Chainlink.
Furthermore, the data will also be shared on an upcoming “Public Cloud Local Currency Wallet” that can be combined with live Chainlink Price Reference Data (e.g., BTC/USD, ETH/USD, etc.) to “create KRW exchange rates for cryptocurrencies.”
Sergey Nazarov, the co-founder of Chainlink, said at On-Chain Fintech Conference earlier in the day, that this is an opportunity for banks to join the “smart contract revolution,” adding:
“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.”
Meanwhile, Link, the native crypto for Chainlink, has been one of the best performing altcoins of this year. Along with garnering a massive online community, Links price has been boosted due to the constant developments and new partnerships.
The token is up 62.9% from last month, and analysts are bullish about the altcoin’s future. At the time of writing, the token stands at $7.84, up 3.6% on the daily, with a market cap of $2.9 billion.