DeFi Infrastructure Provider Sooho.io Raises $4.5M for Bridging Blockchains
The South Korean company will use the funds to develop a range of blockchain tools for building decentralized finance applications that link the country's independent crypto networks.
Dec 13, 2022 at 1:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/UXPUI7LSHJFXPATGDXHZO65SZM.jpg)
Seoul, South Korea (Unsplash/Yohan Cho)
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Sooho.io, a provider of decentralized finance (DeFi) services, has raised $4.5 million to help forge links between separate blockchains in its native South Korea.
The Series A+ funding round was led by Woori Technology Investment, the company said via email Tuesday. It extends a $4.5 million Series A funding round earlier this year.
The Seoul-based company, whose clients include Samsung and LG, intends to use the funds to develop a range of blockchain tools, such as software development kits (SDK) and application programming interface (API) for setting up DeFi infrastructure and forging bridges between independent blockchains in South Korea and internationally.
Without it, blockchain initiatives in South Korea could see the emergence of numerous competing ecosystems, "content in their isolation, seldom fully interacting with one another," according to Sooho.io.
Its aim therefore is to build the infrastructure that can facilitate interoperability between different networks. To this end, it compares itself to SWIFT, the global messaging system that enables cross-border payments by allowing banks in different countries to transact with one another.
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Jamie Crawley is a CoinDesk news reporter based in London.
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