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.
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.