Soohoo.io, a South Korean firm that scans crypto contracts for fatal flaws, raised $4.5 million in a Series A funding round to expand its existing product suite.
- The startup provides auditing to the IT arms of some of South Korea’s top technology firms, including Samsung SDS, SK Inc. C&C and LG CNS, through its proprietary software Odin, according to a press release shared with CoinDesk.
- «Through these partnerships, we are committed to building an impregnable environment for Korea’s DeFi ecosystem,» said Jisu Park, CEO and founder of Soohoo.io.
- Soohoo.io has also built a protocol to aggregate leveraged yield farming products, aiming to centralize the «the fragmented landscape» of South Korean protocols, according to the press release. Dubbed Kleva, the protocol counts $500 million in total value locked.
- The funding round was led by WeMade Tree, which runs a blockchain-based gaming platform and is a subsidiary of South Korean video game developer WeMade Entertainment, known for its multiplayer online role-playing game «The Legend of Mir.»
- Simultaneously, Soohoo.io announced a partnership with Lambda256, a subsidiary of South Korea’s top exchange by volume, Upbit. Lambda256 – which offers blockchain-as-a-service products – will use Soohoo.io’s Kleva and smart contract expertise to launch a DeFi ecosystem, according to the press release.
Read more: S. Korea’s SK Square to Spend $1.6B on Semiconductors, Blockchain