Chainlink To Bring Innovative DeFi Use Cases With Finage Node

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Chainlink To Bring Innovative DeFi Use Cases With Finage Node

Real-time stock, forex, and cryptocurrency data provider Finage has announced that it will work with Chainlink to launch its own oracle node.

The two will work together to create a complete suite of APIs that can make smart contract dApps run across multiple blockchain networks. The UK-based shared the news in a blog post on January 5.

With the oracle node, the financial data provider plans to sell signed data directly to dApps across multiple blockchains. The company states that it can provide DeFi developers with access to more than 25,000 stock prices, 1,300 FX rates, and 1,500 crypto trading pairs. For its goal, Finage chose Chainlink as the leading oracle solution in the blockchain industry.

By working with oracles Finage can vastly expand its customer base as a data provider, as well as support new data-driven blockchain products.

These products include derivatives, automated trading strategies, synthetic assets, foreign exchange rates, and crypto market data.

Finage’s Chainlink oracle brings innovative use cases to DeFi

Apart from the traditional instruments within DeFi, Finage will also enable developers to focus on more innovative instances.

For example, a developer could create synthetic assets pegged to precious metals such as platinum and palladium. Developers can even bring ‘rare’ commodity-based derivatives products like corn and sugar.

Mentioning aspects such as data signing, blockchain agnostic, large addressable market, and time-tested infrastructure the financial provider notes that Chainlink represents one of the best oracle solutions across DeFi.

Finage looks forward to improving its position as a data provider by leveraging built-in Chainlink node capabilities. This would not only improve their revenue, but it would help support developers as well.

Commenting on the announcement, CEO Alper San stated:

“Running a Chainlink node will provide us with easy-to-run infrastructure that can immediately connect to various leading blockchains through a single framework, making it easy to support the growing pool of developers building DeFi applications.

Not only does it provide us with a universal bridge to on-chain systems, but it allows us to bootstrap security onto our existing datasets by signing it at the origin, further adding to its reliability as a trigger for high-value automated applications like smart contracts.”

LINK struggles to mirror market’s bullish PA

Following a brief consolidation this week, Chainlink finally recovered from a quick flow of volatility. As Defiye previously reported, bears have claimed their victory after dumping the LINK token by up to 20%. Nevertheless, their victory was only temporary as bulls have successfully recovered from the small price plunge.

At the time of writing, LINK battles beneath an important 0.236 fib level at $14.64. The cryptocurrency managed to wick numerous times above this level but has never closed above it. With new ATHs made across the entire market, it is only a matter of time before LINK does as well.

Apart from the partnership with Finage, Chainlink also began to cooperate with Blockpass. The blockchain-based digital identity solution now uses the oracle provider to distribute on-chain KYC across multiple blockchains. With the firm, Chainlink will enter yet another niche that can improve the state of the industry.

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Marko Mihajlović

Marko is a content writer passionate about cryptocurrencies, blockchain technology, geopolitics, and information security. After an internship at Cointelegraph in 2018, he decided to pursue writing about the field of decentralized technology full-time.

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