• Suho.io and Chainlink partnered to develop tokenized assets and CBDC use cases in Asian markets, including Korea, Japan, and Thailand.
  • The partnership will introduce Chainlink’s CCIP to Korean financial institutions, enhancing cross-chain interoperability.
  • Chainlink’s Proof of Reserve will be utilized to verify prepaid settlement reserves, ensuring transparency in financial operations.

Suho.io, a blockchain financial technology firm, has established a partnership with Chainlink. The partnership, which was launched on September 2nd, will focus on developing tokenized assets and central bank digital currency (CBDC) use cases in Asia’s expanding digital markets. The collaboration focuses on Korea, Japan, and Thailand.

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. @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

Focus on Digital Asset Growth in Asia

The partnership’s goal is to accelerate the expansion of the digital asset market by incorporating advanced blockchain technologies into financial institutions. Both companies are committed to increasing the adoption of blockchain technology in the Asian financial sector. 

Suho.io and Chainlink intend to collaborate closely with local financial institutions to develop creative solutions that address the changing demands of these markets.

Key Areas of Collaboration

The cooperation will first concentrate on three major areas. First, Korean banking institutions will be able to use Chainlink’s Cross-Chain Interoperability Protocol (CCIP). The technology is expected to facilitate seamless transactions between blockchain networks. 

Second, the partnership will use Chainlink’s Proof of Reserve to validate prepaid settlement reserves, ensuring transparency and security in financial transactions. 

The collaboration will also provide on-chain Net Asset Value (NAV) data to help improve the accuracy and dependability of financial reporting in the digital asset sector.

Strategic Importance to the Region

Niki Ariyasinghe, Chainlink Labs’ Head of Business Development for Asia-Pacific and the Middle East, highlighted the significance of Suho.io’s expertise in the Asian market. He emphasized that their technological expertise and experience are critical in closing the gap between blockchain ecosystems and traditional finance. 

Suho.io and Chainlink’s collaboration marks a significant step towards integrating blockchain technology into Asia’s financial markets. The partnership’s focus on tokenized assets and CBDC use cases aims to promote the region’s wider use of digital assets.

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