CenterPrime, a private Hyperledger based chain with unique access to the Korean open banking API has collaborated with Chainlink to bring foreign exchange (FX) rates data from banks to the DeFi sector, according to a Saturday announcement.
The collaboration will see CenterPrime share FX rates from top Korean banks including Hana Bank, Shinhan Bank, Nonghyup Bank, and Industrial Bank of Korea (IBK), to Chainlink’s decentralized oracle network. Access to rates will be enabled in Korea’s local currency KRW. The price feeds will include KRW/USD, KRW/EUR, and KRW/CNY, and more.
According to Chainlink, this is the first time in history that blockchain apps will be able to access decentralized foreign exchange rates compiled by the best banks in Korea.
The development provides a massive expansion opportunity for cross-border fintech dapps and DeFi appps that build homegrown products priced in KRW. It also transforms the capabilities of open banking services and fintech, thus bringing breakthroughs for the Korean fintech industry.
CenterPrime said they discovered Chainlink’s Price Reference Contract model as the best methods of provisioning decentralized KRW-denominated exchange rates for use in Korean Fintech and DeFi, saying it will provide both highly secure infrastructure and an open framework that can satisfy all the different stakeholders.
“Chainlink’s technology gives us the ability to securely relay these decentralized price feeds to the blockchain to be stored as immutable and open records, where applications across Fintech, DeFi, and the legacy world can use to build more transparent financial products,” CenterPrime noted.