Chainlink is bringing a profitable industry (one that trades about $7 trillion per day) to the DeFi community by working together with CenterPrime.
Chainlink (LINK) and CenterPrime are going to work together and this will make the DeFi space enjoy Foreign Exchange (FX) rate data feed from banks in Korea.
Jubilations for the fintech industry in Korea
CenterPrime can harness FX rate data from many Korean banks because it is able to use the Korean open banking API anytime. CenterPrime is aware that its new relationship with Chainlink is beneficial to the fintech industry of Korea:
“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 co-founder of Chainlink, Sergey Nazarov, advised banks to take this as an opportunity while he was addressing his audience at On-Chain Fintech Conference:
“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.”
A market that is much better than crypto
If advanced economies of the world are to be mentioned, it would be an error to omit South Korea. The country is where world-class tech companies such as Samsung and LG can call their base. South Korea is also a place where crypto companies like to settle.
Now that decentralized data will be made available from the local banks, the number of people using DeFi is meant to increase. Every day, forex traders exchange about $6.6 trillion and this is 100 times bigger than what is seen in the crypto market. If only a fraction of this is controlled in the DeFi space, it would translate into a boost for the crypto space.