SOOHO.IO, the South Korea-based provider of DeFi infrastructure services, announces $4.5 million in a Series A+ funding round from Woori Technology Investment Co Ltd as the company eyes global expansion of proprietary DeFi services .
In a statement Wednesday, SOOHO.IO said the funding will accelerate its goal of becoming the SWIFT for Web3 in the Korean blockchain industry.
The company will use the new funds to develop a comprehensive portfolio of highly secure blockchain solutions.
This includes financial layer infrastructure solutions for Web3 such as white-labeled bridge layers, SDKs and APIs for easy DeFi infrastructure implementation, as well as constant innovations on the smart contract auditing technology side.
The goal is to enable smooth, secure exchange and movement of virtual assets across multiple public blockchains.
In South Korea, many conglomerates are launching their own mainnets. However, they face a number of difficulties due to regulatory and technical issues.
Bridge layers and DeFi applications are often a prerequisite for successful mainnet launches. Therefore, SOOHO.IO plans to develop SDKs and APIs that will enable its partners to easily implement bridges and DeFi applications.
SOOHO.IO’s current partners include Wemix, Bora, and Japanese blockchain gaming company Oasys. These partners chose SOOHO.IO because of the team’s leading security expertise, regulatory compliance, and operational and implementation support.
“SOOHO.IO started out as a blockchain security company for the largest corporations in the world. Today, even in the midst of a global bear market, this investment by leading investors strategically positions us to grow our team and accelerate our partners’ development of secure DeFi products during their transition to Web 3.0.
“We are also excited to look beyond our own shores for opportunities to build and expand in other countries and regions in the coming months,” said Jisu Park, chief executive officer and founder of SOOHO.IO.
As blockchain technology evolved in South Korea, the nascent multitude of competing networks were largely content with their isolation and rarely fully interacted with each other.
SOOHO.IO’s bridge layer aims to solidify the existing DeFi infrastructure by enabling greater interoperability between these currently fragmented networks.
The goal is to drive broader adoption of blockchain on behalf of mainstream businesses and their end customers.
“We are excited to support SOOHO.IO’s vision to transform the landscape of the Korean crypto industry,
“We are aligned with their goals of developing innovative institutional-scale DeFi infrastructure and believe that SOOHO.IO’s smart contract review services are well-positioned to expand globally,” said a spokesman for Woori Technology Investment.
On the audit side, SOOHO.IO has achieved notable business milestones this year. With over 280,000 audit reports generated, SOOHO’s automated algorithm found over 24,000 different types of vulnerabilities in the audited smart contracts.
Meanwhile, Kleva, SOOHO.IO’s DeFi protocol specializing in leveraged yield farming, reached a total value of US$500 million (TVL) within three days of its launch, showing its inherent potential to offer services that the biggest tech companies around the world to help launch Web3.
In addition, SOOHO.IO engineers took home the Grand Champion Award worth USDC and EVMOS with their DeFi protocol EVMOS StayKing House at Evmos’ first Momentum hackathon.
“SOOHO.IO’s services are becoming increasingly important for the growing number of blockchains in Korea.
“More importantly, they are building much-needed infrastructure that will strengthen Korea’s DeFi ecosystem and improve network security,” said a spokesman for Woori Technology Investment.
“We share SOOHO.IO’s strategic vision for broader blockchain adoption and hope that our contribution will help drive the future of Korean financial technology projects and protocols,” he added. .
Founded in 2018, SOOHO.IO is a leading provider of DeFi infrastructure services, trusted by companies like Samsung SDS, LG CNS and others.
Headquartered in South Korea, the company aims to become the SWIFT for Web3, connecting the Korean DeFi ecosystem to the rest of the world.
The company specializes in the development of DeFi products and smart contract validation, providing financial institutions with customizable one-stop solutions.
The company is backed by prominent investors including Consensys, Wemix and Woori Technology Investment.
SOOHO.IO previously announced it had raised $4.5 million from WeMix’s Series A fundraising round in April 2022, following a previous seed round led by Consensys. This brings the total funds raised by SOOHO.IO to date to $9 million.
Korea’s ambition to adopt Layer 1 blockchains will accelerate in 2023
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