CenterPrime Shares Decentralized FX Data From Top Korean Banks to Chainlink

CenterPrime, a private Hyperledger based chain with unique access to the Korean open banking API, is sharing foreign exchange rate data from top Korean banks including Hana Bank, Shinhan Bank, Nonghyup Bank, and Industrial Bank of Korea (IBK) to Chainlink’s decentralized oracle network.

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. Projects will be able to access high quality Korean bank sourced exchange rates in the local currency KRW. This opens the floodgates for a massive expansion in blockchain-based fintech applications operating cross-border and DeFi applications building homegrown products priced in the local currency KRW.

After extensive research into the best methods of provisioning decentralized KRW-denominated exchange rates for use in Korean Fintech and DeFi, we identified Chainlink’s Price Reference Contract model as the best solution in the market, providing both highly secure infrastructure and an open framework that can satisfy all the different stakeholders. Chainlink has extensive experience building decentralized data feeds, having already created numerous decentralized price reference networks that secure over a billion dollars in value for many leading DeFi applications.

CenterPrime is focused on working with the Korean Banking industry to use Chainlink’s oracle technology to share high-quality KRW-denominated price feeds for foriegn exchange rates such as KRW/USD, KRW/EUR, and KRW/CNY, and more. 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.

These Chainlink price reference feeds will be deployed initially onto the Ethereum blockchain but can easily be applied to any other blockchain platform through Chainlink including public and enterprise Korean chains. By opening up access to these key price feeds, we anticipate a major uptick in development within the Korean Fintech and DeFi market. We are already working on sharing this pricing data with an upcoming “Public Cloud Local Currency Wallet”, which can be combined with other live Chainlink Price Reference Data (e.g. BTC/USD, ETH/USD, etc) to create KRW exchange rates for cryptocurrencies.

Original Medium post from Chainlink: https://medium.com/centerprime/centerprime-shares-decentralized-fx-data-from-top-korean-banks-to-chainlink-aca8b24e7fbb