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- Chainlink has partnered with fintech firm SOOHO.IO to build tokenized assets and CBDCs in Asia.
- The partnership will focus on introducing Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to Korean financial institutions.
In yet another key partnership, oracle services provider Chainlink has partnered with blockchain-based financial technology firm Sohoo.io with the goal of building tokenized assets and central bank digital currencies (CBDCs) in the emerging crypto markets of Asia, such as Japan, South Korea, and Thailand. Sohoo will also integrate the Chainlink Oracle services into a wide range of financial institutions’ products as part of this partnership.
The key areas of cooperation include the introduction of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to Korean financial institutions, the utilization of Chainlink’s Proof of Reserve for verifying prepaid settlement reserves, and the on-chain provision of Net Asset Value (NAV) data.
.@soohoio & Chainlink announce strategic partnership to explore tokenized asset & CBDC use cases in South Korea, Japan, Thailand, & other Asian markets.
How https://t.co/aYKn1FFRXp plans to integrate #Chainlink services into its range of products for financial institutions ↓
— Chainlink (@chainlink) September 2, 2024
Fintech firm SOOHO.IO Inc. specializes in digital asset interoperability solutions and has been building blockchain-based financial infrastructure ever since its inception in 2018. Leveraging its proprietary cross-chain protocol and advanced security technology, SOOHO.IO has introduced key products like ‘Touchstone,’ an interoperability platform designed for financial institutions to develop blockchain services. Speaking on the development, Park Ji-soo, CEO of Sooho.io, said:
Chainlink has established itself as the industry standard solution for tokenization use cases. Through this strategic partnership, we expect to collaborate extensively with Chainlink in the Asia region, helping to meet the needs of financial institutions and form fundamental solutions for the digital asset industry.
Chainlink Partnerships and CCIP Integration
The Cross-chain Interoperability Protocol (CCIP) is a secure solution allowing users to transfer tokens, send messages, as well as develop applications across different blockchain networks. Launched last year in 2023, the Chainlink CCIP is blockchain-agnostic and incorporates robust security features such as decentralized oracle computation, risk management network, and decentralized oracle computation. As per the latest report from Crypto News Flash, the Chainlink CCIP is becoming a standard solution for Web3 projects.
In another such major development, Soneium, a newly launched Layer 2 blockchain developed by Sony Group and Startale, has selected Chainlink as its primary launch partner. This collaboration further solidifies Chainlink’s status as a leading decentralized blockchain platform, reported Crypto News Flash.
On the other hand, CCIP finds its applications across multiple industries, such as the financial solutions industry, as well as for tokenizing real-world assets. The rise of tokenized real-world assets (RWAs) is revolutionizing the financial landscape, with Chainlink leading this transformation. As demand for tokenization increases, Chainlink’s decentralized infrastructure is driving innovation across various use cases. This includes boosting transparency in ETFs to facilitating cross-chain transfers for tokenized assets, per the CNF report.
The LINK token has registered a marginal positive change in the last 24 hours and is trading for $10.72.
