Chainlink Incorporates FX Rates Data For DeFi From Top Korean Banks

Chainlink (LINK) will see an integration with CenterPrime, which will see the incorporation of forex (FX) rate data feeds to the DeFi space, provided by Korean banks.

Incorporating Decentralized Forex Data Feeds

CenterPrime stands as a project based on Hyperledger, with access to Korea’s open banking API, which allows it to stream FX rate data from an array of local Korean banks. According to a press release made by CenterPrime itself, this stands as a significant milestone within the fintech space of Korea, as Chainlink’s integration is seen as a significant breakthrough. CenterPrime states that it will be the first time in history that applications will be capable of leveraging decentralized forex ratings that were compiled by Korea’s finest banks.

The Mandatory Kind Words

Sergey Nazarov stands as a co-founder of Chainlink, and spoke at the On-Chain Fintech Conference earlier today. Nazarov described this integration as a chance for banks to partake in the so-called “smart contract revolution.” According to Nazarov, they could reinvent the global financial system through providing various types of services and data to these financial products.

South Korea stands as one of the most advanced and largest economies the world has to offer, and stands as the home of many tech giants, such as LG or Samsung. Alongside this, South Korea holds one of the highest rates of crypto adoption the world has to offer, as well, showing how on the edge of technology they are.

Hopes of Gaining Momentum

The theory goes that the DeFi space could increase its use case base by a massive degree. The reason for this is how it’s capable of accessing decentralized data from the traditional financial markets space. As it stands now, the forex market sees a daily trading volume of $6.6 trillion, which is more than 100 times that of the daily trading volumes within the cryptocurrency market. Even if the DeFi Space captures a small inkling of the trading volumes the traditional markets hold, it will stand as a massive increase. Should the market increase in volume, it even holds the potential of sparking positive momentum.

The DeFi space has seen some impressive growth as of late, with Binance, a heavyweight global crypto exchange, moving into it with their in-house cryptocurrency, the Binance Coin (BNB).

This sparked some controversy, however, as CoinMarketCap, whose parent company is Binance, up and listed the BNB coin as the top-ranked DeFi token the world has to offer. As one would imagine, there was a lot of criticism from this, and CMC was quick to retract it and blame human error.