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- Project Namsan reduces foreign exchange costs by over 30% for tourists.
- Chainlink CCIP and Proof of Reserve ensure secure, verified transactions.
- Builds on SOOHO.IO’s programmable digital currency innovations for real-world use.
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SOOHO.IO, a blockchain technology firm, has teamed up with Chainlink to launch Project Namsan, a new initiative aimed at boosting South Korea’s KRW stablecoin ecosystem. The project is already piloting a program that allows foreign tourists to access low-cost foreign exchange (FX) options, reducing traditional currency exchange fees by over 30%.
How Project Namsan Works
The pilot program, running since July 2025, is in collaboration with Grand Korea Leisure (GKL), a public corporation operating foreigner-only casinos. Tourists deposit USD-based stablecoins and receive KRW-denominated digital vouchers in return. This system leverages Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to transfer assets between different networks securely, while Chainlink Proof of Reserve ensures that KRW vouchers are only issued after stablecoin settlements are verified on-chain.
SOOHO․IO (@soohoio), a blockchain technology company advancing digital asset infrastructure in Korea, and Chainlink are driving a major initiative under Project Namsan, a consortium of leading Korean technology and infrastructure providers focused on building the foundational… pic.twitter.com/aiKi8NthuB
— Chainlink (@chainlink) September 22, 2025
The result is a transparent, reliable, and efficient payment system, which could serve as a model for tourism-focused blockchain applications across Asia.
Market Response and Industry Impact
Social media reactions have been largely positive, with many users praising the initiative as a “serious blockchain infrastructure play” for South Korea. Analysts highlight the potential for CCIP and Proof of Reserve to streamline FX operations and strengthen trust in digital vouchers.
Some community members remain cautious, calling for measurable results in terms of CCIP revenue and transaction volume, underscoring the importance of real-world adoption over announcements.
Also Read: Chainlink (LINK) Could Hit $50 in 2025 — $195 by 2030: Here’s the Path
Building on Previous Innovations
Project Namsan also draws from SOOHO.IO’s prior work with the Bank of Korea on Purpose Bound Money (PBM), which enables programmable controls on digital currency usage. According to CEO Jisu Park, the project demonstrates SOOHO.IO’s technology on a global stage, while Chainlink’s Niki Ariyasinghe emphasizes its potential to integrate stablecoins into South Korea’s financial ecosystem amid evolving crypto lending regulations.
Project Namsan marks a key step in bringing blockchain solutions to tourism and finance, offering lower costs, increased transparency, and a practical use case for KRW stablecoins. Its success could influence broader adoption of digital currency systems in the region and beyond.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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