South Korean Smart Contract Auditing Platform Sooho.io Works With Samsung and LG Raises $4.5M
Sooho.io, a South Korean company that examines cryptocurrency contracts for fatal errors, has raised $4.5 million in a Series A fundraising round to extend its existing product line. According to a press release, the startup provides auditing to the IT operations of some of South Korea’s major technological firms, including Samsung SDS, SK Inc. C&C, and LG CNS, using its proprietary software Odin.
“Through these partnerships, we are committed to building an impregnable environment for Korea’s DeFi ecosystem,”Jisu Park, CEO and founder of Sooho.io
Sooho.io has also developed a protocol to aggregate leveraged yield farming products, with the goal of centralising the “fragmented landscape” of South Korean protocols. The protocol, dubbed Kleva, has a total value of $500 million locked in.
WeMade Tree, which runs a blockchain-based gaming platform and is a subsidiary of South Korean video game producer WeMade Entertainment, famed for its multiplayer online role-playing game “The Legend of Mir,” led the investment round.
The startup even announced a collaboration with Lambda256, a subsidiary of Upbit, South Korea’s largest exchange by volume. It provides blockchain-as-a-service products, will build a DeFi ecosystem using Sooho.io’s Kleva and smart contract capabilities.
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