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WEMADE Partners with Chainlink to Advance Korean Won Stablecoin

Highlights:

  • WEMADE has partnered with Chainlink to provide support for KRW stablecoins and digital asset initiatives.
  • Chainlink will enhance data integrity and infrastructure for WEMADE’s KRW stablecoin ecosystem.
  • The collaboration aims to align KRW stablecoin development with global compliance standards.

WEMADE, a major Korean gaming firm, has collaborated with Chainlink Labs to advance the Global Alliance to Korean Won Stablecoin (GAKS). The goal of the collaboration is to improve data integrity, create global standards, and create an ecosystem of KRW-backed stablecoins. The collaboration will be central in creating a trusted infrastructure for stablecoins in the APAC and Korean regions.

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Chainlink’s Role in the KRW Stablecoin Initiative

Chainlink, a leading oracle platform in the blockchain sector, has become part of the GAKS alliance to offer its expertise in the industry. The platform will include technical assistance to enhance data integrity and offer tokenized asset-related services. The presence of Chainlink will also serve to unify the infrastructure employed by the GAKS members, enhancing the credibility and growth of the alliance.

The vision of WEMADE on GAKS is to promote the adoption of KRW stablecoins through regulatory compliance and the provision of a solid technological base. Through the services of Chainlink oracle, the alliance aims to establish a secure and standardized digital assets environment within South Korea.

Shane Kim, VP of WEMADE and CEO of WEMIX, stressed the importance of Chainlink’s involvement. He pointed out that it marks a major milestone in achieving technical excellence and trust with regard to the KRW stablecoin ecosystem. Chainlink’s addition guarantees that GAKS has overall support in the areas of security, regulatory compliance, and data infrastructure.

According to Johann Eid, Chief Business Officer of Chainlink Labs,

“WEMADE and the GAKS alliance are constructing the third wave of digital assets in Korea. This partnership provides key opportunities for GAKS members to utilize the Chainlink platform as they build stablecoin and tokenized asset projects in the Korean and APAC region.”

Building a Regulatory-First Stablecoin Ecosystem

GAKS was launched last year, with the focus on developing compliance-focused infrastructure on KRW stablecoins. The alliance does not involve the issuance of tokens like previous stablecoin initiatives. The main focus is directed towards security, compliance, and institutional data use. Chainlink’s presence in the alliance is consequently vital in addressing the global standards and fostering industry partnerships.

WEMADE partnering with Chainlink complements past collaborations with companies such as Chainalysis, CertiK, and SentBe. Together, these companies will contribute to the development of a robust system for adopting stablecoins. Furthermore, they guarantee the integrity of transactions and eliminate regulatory risks.

Meanwhile, stablecoin policy remains an ongoing debate in South Korea. There is a split between conflicting opinions on whether banks should be allowed to issue won-pegged stablecoins. This has necessitated the creation of effective infrastructures in the digital asset firms as they await the eventual regulatory clarity. The GAKS network, focusing on technical standards, aims to overcome risks of regulatory uncertainty.

Moreover, WEMADE has also partnered with European game developer Crypto Rogue Games. This partnership introduced the action role-playing game (RPG) Crystals of Naramunz to WEMIX PLAY, a blockchain-based game provided by WEMADE.

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