Sooho.io, the South Korea-based smart contract auditing firm, on Monday announced a strategic partnership with Lambda256, a subsidiary of Dunamu, operator of South Korean crypto exchange Upbit. The partnership will allow Sooho.io to extend its service and develop a bridge layer for Web 3.0 reminiscent of a SWIFT service on top of Lambda256’s “The Balance” mainnet unveiled on Monday.
The announcement signals a major expansion not only for Sooho.io, but also marks a shift in the DeFi ecosystem by unifying the South Korean crypto market. Plagued by a fragmented market of core networks and DeFi products decoupled from each other, Sooho.io’s bridge layer introduces much-needed interoperability between Korean protocols. It also allows Korean users to easily interact between major Korean cryptocurrencies and global cryptocurrencies.
The bridge, as well as a decentralized exchange (DEX), will both be developed by Sooho.io on top of Lambda256’s mainnet, called The Balance. The Balance was launched for a number of partners to develop various types of decentralized applications (dApps) to build the ecosystem, involving projects such as IPFS, play-to-earn, oracles, DEXs, NFTs, wallets and stablecoins.
As of December 2021, Lambda256 has raised approximately $80 million with investments from HYBE, YG Entertainment, and SBI, and The Balance is the latest in a comprehensive portfolio of blockchain solutions that addresses the challenges of wider blockchain adoption. blockchain.
“We are excited that Sooho.io is innovating with a bridge layer that will transform the landscape of the Korean crypto industry with the first gateway that connects this local ecosystem with the rest of the world. To support our partners developing innovative services on The Balance, we are committed to building a more secure and reliable infrastructure for the crypto space in Korea,” said Evan Park, COO of Lambda256.
Sooho’s development of the bridge allows virtual assets to be moved and traded across multiple public blockchains, functioning as a frictionless financial layer for Web 3.0.
In addition to the bridge layer, Sooho.io’s products include Odin and Kleva. Made for Thoroughly analyzing security vulnerabilities, ODIN dramatically reduces the time it takes to fully audit a smart contract with an automated algorithm uncovering vulnerabilities and human error that would otherwise subject a protocol to illegal hacking incidents. Kleva is the company’s leveraged yield farming DeFi product with a total locked-in value of $500 million, which powers the liquidity needed to facilitate transactions occurring both within the Sooho Bridge. io and DEX.
“It is a great pleasure to partner with Lambda256 to develop the first Korean bridge on The Balance. As the go-to smart contract auditing service trusted by most of Korea’s Fortune 500, we’re thrilled with how Sooho.io has long-lasting relationships with Korean leaders in the crypto industry. We are in a unique position to not only bring together the fragmented Korean crypto industry, but also to connect it to the rest of the world. In return, we are excited about the potential of this partnership to drive broader blockchain adoption for mainstream enterprises and their end customers,” said Jisu Park, CEO and Founder of Sooho.io.
Sooho.io recently announced that it has raised $4.5 million in funding to date from Consensys and WeMade Tree.
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