South Korean Smart Contract Auditing Platform Sooho.io Raises $4.5M
The startup works with Samsung and LG.
Apr 14, 2022 at 2:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/JDSOPNL4CRDDBOQBJZJNQ7TR2M.jpg)
Seoul, South Korea. (Ciaran O'Brien/Unsplash)
Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
Sooho.io, a South Korean firm that scans crypto contracts for fatal flaws, raised $4.5 million in a Series A funding round to expand its existing product suite.
- The startup provides auditing to the IT arms of some of South Korea's top technology firms, including Samsung SDS, SK Inc. C&C and LG CNS, through its proprietary software Odin, according to a press release shared with CoinDesk.
- "Through these partnerships, we are committed to building an impregnable environment for Korea's DeFi ecosystem," said Jisu Park, CEO and founder of Sooho.io.
- Sooho.io has also built a protocol to aggregate leveraged yield farming products, aiming to centralize the "the fragmented landscape" of South Korean protocols, according to the press release. Dubbed Kleva, the protocol counts $500 million in total value locked.
- The funding round was led by WeMade Tree, which runs a blockchain-based gaming platform and is a subsidiary of South Korean video game developer WeMade Entertainment, known for its multiplayer online role-playing game The Legend of Mir.
- Simultaneously, Sooho.io announced a partnership with Lambda256, a subsidiary of South Korea's top cryptocurrency exchange by volume, Upbit. Lambda256 – which offers blockchain-as-a-service products – will use Sooho.io's Kleva and smart contract expertise to launch a decentralized finance (DeFi) ecosystem, according to the press release.
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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.
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