Galaxy Digital Partners with Chainlink to Provide Crypto Market Data

Galaxy Digital Partners with Chainlink to Provide Crypto Market Data

With the new collaboration, decentralized applications (dApps) will have direct access to crypto pricing data.

Galaxy Digital Holdings Ltd., a financial services and investment management company, has partnered with decentralized blockchain oracle Chainlink to provide crypto pricing data.

According to the press release shared on September 27th, the collaboration will allow the distribution of crypto pricing data directly to decentralized applications (dApps) operating on various blockchains.

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Galaxy Digital Head of Strategic Opportunities Zane Glauber, when talking about the collaboration, noted:

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.

Zane Glauber added that the pricing data is relevant to smart contracts connected with futures, options, lending, and borrowing. Glauber noted that the implication of new features will “help to secure the growing total value locked on DeFi apps, supporting the future development of the ecosystem.”

The shared data consists of spot prices of cryptocurrencies, like Bitcoin (BTC) and Ethereum (ETH). Moreover, the provided data will also contain prices in various currency pairs, including those of US dollars.

Chainlink Labs' Head of Data Products Yaser Jazouane noted that the collaboration brings new innovations into the DeFi ecosystem.

High-quality market data underpins the DeFi economy. By providing high-quality pricing data to blockchains through the Chainlink Network, Galaxy is playing a valuable role in unlocking exciting new use cases and driving innovation across the DeFi ecosystem.

While the new collaboration is exceptionally exciting for Galaxy Digital, the company has been facing some legal issues. On September 12th, blockchain company BitGo filed a lawsuit against Galaxy Digital after it canceled the acquisition of the company. BitGo aims to claim $100 million in damages.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree