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

South Korea’s wise contract auditing firm Sooho.io is partnering with Lambda256, the blockchain subsidiary of Upbit operator Dunamu, to create a bridge layer connecting the country’s fragmented decentralized finance (DeFi) and Website 3. ecosystem.

See relevant article: Two crypto exchanges arrive at unicorn standing in South Korea

Rapidly info

• The new bridge will function as a frictionless World-wide-web 3. economic layer that enables people to move and exchange digital assets on many diverse community blockchains — identical to the SWIFT system in standard banking, Dunamu and Sooho.io explained.

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

• Sooho.io will acquire the bridge and a decentralized trade (DEX) on major of Lambda256’s mainnet committed to accommodate decentralized applications (dApps) named “The Harmony.”

• “We are uniquely positioned to not only provide collectively the fragmented Korean crypto business, but connect it to the rest of the environment,” reported Jisu Park, CEO and founder of Sooho.io.

• Dunamu operates Upbit, the largest cryptocurrency exchange in South Korea — the business not long ago grew to become the first crypto business to be named a conglomerate by the country, with about 10.82 trillion won (US$8.7 billion) in total belongings.

See related short article: South Korea hopes to institutionalize crypto by 2024