Oct. 23 (CandyPulse) — South Korea is getting serious about digital assets, and Chainlink wants to help build the plumbing. On Oct. 22, Chainlink announced a partnership with LG CNS, the IT services arm of the LG Group, to develop digital asset infrastructure for Korean institutions.
Key takeaways
| Area | What it means |
|---|---|
| Oracle infrastructure | Chainlink data and services for LG CNS's KITL digital asset platform |
| Technical standards | Joint work on Korea's digital asset technical standards |
| Institutional solutions | Tools built for Korean banks and financial firms |
| Use cases | Won-backed stablecoins and tokenized securities |
| Financial terms | Not disclosed |
LG CNS is no newcomer. It leads Project Hangang, the Bank of Korea's digital currency pilot, whose first phase involved about 80,000 customers across seven Korean banks. That gives the partnership a direct line into Korea's banking system.
Coverage puts the opportunity at about $68 billion, with more than 11 million eligible users across Korea's digital asset market.
Korea is one of the world's most active crypto markets, and regulators are working on rules for won-backed stablecoins. Connecting those coins and tokenized securities to other blockchains is exactly what Chainlink's CCIP is built for. Read about Chainlink's CCIP 2.0 upgrade and Jeonbuk Bank's Bitcoin-backed loans in South Korea.
Watch for named bank customers, a launch timeline and progress on Korea's stablecoin rules. More on our Tokenization and Stablecoins pages.
Disclaimer: This article is for information only and is not financial advice. Crypto assets are volatile and can lose value. Always do your own research before making any investment decision.
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