South Korean blockchain supplier Sooho.io has introduced that it has raised $4.5 million in a Collection A+ funding spherical led by Woori Know-how Funding. This follows the corporate’s $4.5 million Collection A funding spherical earlier this yr.
Sooho.io offers decentralized finance providers and plans to make use of the funds to develop instruments for connecting impartial blockchains in South Korea.
The Seoul-based firm, whose purchasers embrace Samsung and LG, intends to make use of the funds to develop a spread of blockchain instruments, comparable to software program growth kits (SDKs) and software programming interfaces (APIs) for establishing DeFi infrastructure and forging bridges between impartial blockchains in South Korea and internationally.
With out it, blockchain initiatives in South Korea may see the emergence of quite a few competing ecosystems, “content material of their isolation, seldom absolutely interacting with each other,” in line with the corporate.
The startup plans to construct an infrastructure that may facilitate interoperability between completely different networks. To this finish, it compares itself to SWIFT, the worldwide messaging system that permits cross-border funds by permitting banks in several nations to transact with each other.