Chainlink (LINK) is integrating with CenterPrime to bring a source of exchange rate data, or FX, from Korean banks to the DeFi space
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„A breakthrough for the Korean fintech industry“
CenterPrime, a Hyperledger-based project, has access to the Korean Open Banking API that transmits exchange rate data from several of the local banks. According to the CenterPrime press release, this is an important milestone for the Korean fintech space. They stated:
„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 exchange rates compiled by the best banks in Korea“.
Chainlink data oracles within the DeFi ecosystem
Chainlink co-founder Sergey Nazarov, speaking at the Fintech Chain Conference earlier in the day, said this is an opportunity for banks to participate in the „smart contract revolution:
„I believe that banks can participate in the smart contract revolution and Blockchain And then how they will reinvent the global financial system is by providing various data, providing various services for these financial products.
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A market that eclipses cryptosystems a hundred fold
South Korea is one of the largest and most advanced economies in the world. They are home to technology heavyweights such as Samsung and LG, and also have one of the highest adoption rates of cryptosystems in the world.
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Having access to decentralized data from traditional financial markets should, in theory, greatly expand DeFi’s case base. The daily trading volume in the forex market is USD 6.6 trillion, that’s more than 100 times the daily trading volume of cryptosystems. If the DeFi space manages to capture even a small portion of this value, this could translate into a positive boost for the crypto space.