South Korea’s Dunamu, Sooho.io to develop SWIFT-like bridge for Web3

South Korea’s sensible contract auditing company Sooho.io is partnering with Lambda256, the blockchain subsidiary of Upbit operator Dunamu, to acquire a bridge layer connecting the country’s fragmented decentralized finance (DeFi) and World-wide-web 3. ecosystem.

See related report: Two crypto exchanges get to unicorn position in South Korea

Rapidly details

• The new bridge will get the job done as a frictionless Web 3. economical layer that permits users to move and trade digital belongings on a number of distinct public blockchains — very similar to the SWIFT process in common banking, Dunamu and Sooho.io claimed.

• Aiming to unify South Korea’s “fragmented” mainnet and DeFi industry, the new bridge layer will also enhance the interoperability involving South Korean protocols.

• Sooho.io will create the bridge and a decentralized exchange (DEX) on prime of Lambda256’s mainnet committed to accommodate decentralized apps (dApps) referred to as “The Balance.”

• “We are uniquely positioned to not only convey jointly the fragmented Korean crypto sector, but hook up it to the relaxation of the environment,” explained Jisu Park, CEO and founder of Sooho.io.

• Dunamu operates Upbit, the greatest cryptocurrency exchange in South Korea — the enterprise a short while ago grew to become the initial crypto enterprise to be named a conglomerate by the state, with about 10.82 trillion won (US$8.7 billion) in complete belongings.

See associated write-up: South Korea hopes to institutionalize crypto by 2024