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 atrustless decentralized system.
The Chainlink integration will provide Galaxy Digital with spot prices forcryptocurrenciessuch 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 thetop 20 by market cap, worth more than$3.8 billion U.S. dollars. Galaxy Digitals $2.1 billion dollars in assetsmanaged is set to benefit as the fund proves its dedication to a decentralized future.
Why It IsImportant: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 Digitals 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 Digitals integration could benefit itsmany 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.
