Chainlink and LG CNS, the technology arm of South Korea’s LG Group, announced a strategic partnership on Oct. 22, widening a relationship the two companies set up just over two weeks earlier.
On Oct. 6, LG CNS unveiled KITL, a blockchain infrastructure platform, and signed memorandums of understanding with five blockchain firms: Circle, Securitize, the Canton Foundation, Chainalysis and Chainlink. LG CNS said it would work on pairing KITL with Chainlink’s services, Korean daily Financial News reported, describing Chainlink as a supplier of outside information, including currency exchange rates and fund prices, to blockchains and as a bridge between separate chains.
The Oct. 22 agreement lays out a more detailed scope. According to the release, LG CNS will bring the full Chainlink platform into the digital asset systems it builds for Korean institutions, the two will work to widen the use and distribution of Korean stablecoins, and they will jointly develop technical standards for the country’s digital asset sector.
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What the Deal Covers
The companies listed three areas of work. Chainlink’s cross-chain, data and orchestration tools are meant to link blockchain networks with institutional systems on LG CNS’s platform. The pair will also work on oracle, interoperability and cross-chain standards for regulated digital assets in Korea, and on the broader technical rulebook for the market.
Johann Eid, chief business officer at Chainlink Labs, said the partnership “establishes the foundation for compliant digital asset infrastructure in Korea.”
Hongkeun Kim, executive vice president and head of the Digital Business Division at LG CNS, said “Korea’s financial infrastructure is entering the tokenization era.” He added that LG CNS and Chainlink aim “to accelerate the growth of Korea’s tokenized securities market by enabling secure interoperability and real-world data.”
The Hangang Connection
LG CNS is the lead contractor on Project Hangang, the Bank of Korea’s digital currency initiative. The release said the project’s first phase involved about 80,000 customers across seven Korean banks, and that LG CNS is looking to fold Chainlink’s oracle infrastructure into its platform.
The companies put Korea’s digital asset market at $68 billion and said the country has more than 11 million users eligible to trade crypto. They also said the Korean won regularly ranks second only to the U.S. dollar by crypto trading volume. LG Group holds ₩186 trillion in assets across 63 affiliates, according to the release.
The announcement did not include financial terms or a date for when Chainlink’s tools would go live on LG CNS’s platform.
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