According to a press release on September 27, 2022, Chainlink Labs and Galaxy Digital, a financial services and investment management company, have partnered to provide crypto price data to blockchains and decentralized applications (dApps).
According to a press release dated September 27, Galaxy will make use of Chainlink’s oracle network to provide decentralized applications (dApps) on various blockchains with high-quality market data. Projects inside the DeFi ecosystem now have direct access to data on cryptocurrency prices thanks to this agreement.
The necessity for blockchains to “come preloaded with external data,” which has the ability to scale the cryptocurrency sector to new heights, is what inspired the creation of the new product, according to Zane Glauber, Galaxy’s head of strategic prospects, who spoke to reporters.
Glauber further stated:
“We’re excited to integrate with Chainlink as part of our broader efforts to build a deep, diverse crypto ecosystem. Our extensive market data, which will be available through Chainlink’s blockchain-agnostic architecture, will be an important tool in enabling smart contract developers to build advanced blockchain applications.”
The Hamilton College alumnus continued by saying that smart contracts linked to dApps that specialize in DeFi activities like futures, options, lending, and borrowing will greatly benefit from the pricing data. The updated capabilities would “help to secure the growing total value locked (TVL) on DeFi apps, supporting the future development of the ecosystem.”
The latest data from Galaxy will include spot cryptocurrency values for bitcoin, ether, and other digital assets in a range of currency pairings, such as the US dollar or the Euro.
Yaser Jazouane, Head of Data Products at Chainlink Labs, praised the alliance as a positive step that will spur innovation in the DeFi industry.