Chainlink and Suhoio form a strategic partnership to explore tokenized assets and CBDCs across Asia
|- Chainlink announces a partnership with blockchain financial technology firm Suhoio on Twitter.
- The partnership aims to develop use cases for tokenized assets and CBDCs in emerging Asian digital markets, including South Korea, Japan, and Thailand.
- The collaboration will focus on implementing Chainlink's CCIP Protocol for South Korean financial institutions.
Chainlink (LINK) announced a strategic partnership with Suhoio, a blockchain financial technology company in South Korea, on Monday. Chainlink's price rose 4% on Monday and trades at $10.71 on Tuesday. The partnership is focused on developing use cases for tokenized assets and central bank digital currencies (CBDCs) in emerging digital markets in Asia, including South Korea, Japan, and Thailand.
Chainlink partners with a South Korean blockchain company
On Monday, Chainlink, an Oracle Networks-based cryptocurrency, announced a partnership with Suhoio, a South Korean blockchain company, in a Twitter post.
This partnership aims to develop use cases for tokenized assets and central bank digital currencies (CBDCs) in emerging digital markets in Asia, including South Korea, Japan, and Thailand. The two companies plan to accelerate the growth of the digital asset market and support financial institutions' adoption of blockchain technology.
The collaboration will mainly focus on implementing Chainlink's Cross-Chain Interoperability Protocol (CCIP) for South Korean financial institutions. This will utilize Chainlink's Proof of Reserve to authenticate prepaid payment reserves. Thus, on-chain Net Asset Value (NAV) data will be provided to evaluate the value of your assets in real time and manage the tokenized assets more efficiently. This move will benefit the project as the tokenization of real assets accelerates, and investors can invest in a wider variety of assets.
"We are also looking forward to making great strides in terms of financial inclusion. In particular, the introduction of CBDCs will make financial services more accessible to more people. Even those who could not afford a bank account will be able to access basic financial services through digital currencies, making them more accessible to the underprivileged." said Suhoio in its blog post.
.@soohoio & Chainlink announce strategic partnership to explore tokenized asset & CBDC use cases in South Korea, Japan, Thailand, & other Asian markets.
— Chainlink (@chainlink) September 2, 2024
How https://t.co/aYKn1FFRXp plans to integrate #Chainlink services into its range of products for financial institutions ↓
.@soohoio & Chainlink announce strategic partnership to explore tokenized asset & CBDC use cases in South Korea, Japan, Thailand, & other Asian markets.
— Chainlink (@chainlink) September 2, 2024
How https://t.co/aYKn1FFRXp plans to integrate #Chainlink services into its range of products for financial institutions ↓
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.