Financial services firm Galaxy Digital (GLXY.TO) has teamed up with Chainlink Labs to bring crypto pricing data to blockchains.
The initiative will utilize Chainlink’s oracle network, and the data will be directly distributed to multiple blockchain applications including those in the decentralized finance (DeFi) ecosystem.
“Blockchains don’t come preloaded with external data, so we’re providing reference prices for spot digital assets that will be able to power a variety of complicated financial structures that only have traditionally been the domain of our existing financial system,” Zane Glauber, Galaxy’s head of strategic opportunities, told CoinDesk.
The data contains spot prices for cryptocurrencies such as bitcoin (BTC) and ether (ETH), as well as other cryptocurrencies in various currency pairs, including dollars, according to a statement.
Glauber also told CoinDesk the crypto reference data will aid developers that are building their DeFi primitive or dapp. “These reference prices are important as they can be embedded within smart contracts tied to lending, borrowing, options, futures and more to settle matters all on chain. The growth of these future products should help secure the growing total value locked on DeFi apps, supporting the future development of the ecosystem,” he added.