From IBS Intelligence

Chainlink, a decentralized oracle network that enables smart contracts to access off-chain data feeds, traditional bank payments and web APIs securely has announced that the company has partnered withLCX, a Cryptoassets Exchange, to provide transparent and verifiable reference price services for decentralized finance applications (DeFi) and the token economy.

Under the partnership, LCX, as a developer of proprietary data generation methodology and as a data-provider, will publish its reference prices and accompanying methodology on the blockchain using Chainlink’s decentralized price oracle technology. The combined framework aims to give institutional entities access to secure, reliable, transparent, and compliant blockchain-based price feeds.

“We are providing new infrastructure that allows traditional finance the ability to service DeFi applications and interact with digital asset products. We are excited to work with LCX to deliver credible data sources to our ecosystem, which opens them up to a wide variety of users and markets,” said Daniel Kochis, Head of Chainlink Business Development.

LCX is looking forward to becoming a Data Provider to the Chainlink network to provide reliable daily reference prices for digital assets. Often cryptocurrency reference rates are used as the basis for daily exchange rates in traditional transactional platforms and DeFi applications, as well as to assign valuation to assets in corporate financial statements,  statistical reports, digital assets analyses, tax returns, and more.

By leveraging Chainlink’s secure, reliable, and open-source infrastructure, LCX will be able to publish its credible reference prices on the blockchain in a verifiable and immutable manner. LCX’s credible reference prices are then made available for DeFi applications, traditional financial infrastructure, enterprises, governments, and more dealing with digital assets.

“Transforming the cryptocurrency market into a mature token economy requires reliability and integrity in cryptocurrency reference rates. Utilizing Chainlink allows us to deliver our compliant reference rates via an on-chain oracle network as a public good for individuals and institutions alike,” said Monty C. M. Metzger, CEO, and Founder of LCX.

Recently, Kadena & Chainlink partnered to integrate Oracle into hybrid blockchain.

Founded in 2014, Chainlink is a decentralized oracle network that is headquartered in the Cayman Islands. Its network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. The company is currently working with technology leaders such as Google, Oracle, and Polkadot.Pavithra RPavithra is a Market Analyst at IBS Intelligence.

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