South Korea’s Dunamu, Sooho.io to develop SWIFT-like bridge for Web3
South Korea’s smart contract auditing firm Sooho.io is partnering with Lambda256, the blockchain subsidiary of Upbit operator Dunamu, to develop a bridge layer connecting the country’s fragmented decentralized finance (DeFi) and Web 3.0 ecosystem.
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Fast facts
The new bridge will work as a frictionless Web 3.0 financial layer that enables users to move and exchange digital assets on multiple different public blockchains — similar to the SWIFT system in traditional banking, Dunamu and Sooho.io said.
Aiming to unify South Korea’s “fragmented” mainnet and DeFi market, the new bridge layer will also enhance the interoperability between South Korean protocols.
Sooho.io will develop the bridge and a decentralized exchange (DEX) on top of Lambda256’s mainnet dedicated to accommodate decentralized apps (dApps) called “The Balance.”
“We are uniquely positioned to not only bring together the fragmented Korean crypto industry, but connect it to the rest of the world,” said Jisu Park, CEO and founder of Sooho.io.
Dunamu operates Upbit, the largest cryptocurrency exchange in South Korea — the company recently became the first crypto company to be named a conglomerate by the country, with about 10.82 trillion won (US$8.7 billion) in total assets.
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