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.

See related article: Two crypto exchanges reach unicorn status in South Korea

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.

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