Galaxy Digital Holdings Ltd BRPHF, a lead financial service provider in the digital asset space, announces the integration of Chainlink's LINK/USD market pricing oracles.
This collaboration would bring Galaxy Digital more reliable price data, directly streamed through blockchain protocols. Chainlink operates through a trustless decentralized system.
The Chainlink integration will provide Galaxy Digital with spot prices for cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD.
These prices are able to be streamed in terms of U.S. dollars and can also be denominated into other foreign currencies.
The Chainlink protocol is operated through its token LINK, which is currently in the top 20 by market cap, worth more than $3.8 billion U.S. dollars. Galaxy Digital’s $2.1 billion dollars in assets managed is set to benefit as the fund proves its dedication to a decentralized future.
Why It Is Important: Chainlink is on a mission to streamline real-world data to the blockchain in a trustless manner.
Chainlink is a vital protocol used by many DeFi applications. Galaxy Digital’s announcement of the integration will likely signify more blockchain applications for the fund.
While Chainlink is the leading protocol for streaming currency prices to the blockchain, it aims to become much more and is working on other traditional finance tools that could benefit from blockchain technology, notably, the derivatives market.
Galaxy Digital’s integration could benefit its many crypto investment instruments, as well as provide the opportunity for collaboration in other investment vehicles. As the Chainlink protocol continues to develop, this collaboration will likely grow more robust.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month