Galaxy Digital Offers Crypto Price Data on Chain Via Chainlink

Crypto price data will help developers build out their platforms, Galaxy’s head of strategic opportunities said.

AccessTimeIconSep 27, 2022 at 11:00 a.m. UTC
Updated May 11, 2023 at 6:54 p.m. UTC

Financial services firm Galaxy Digital (GLXY.TO) has teamed up with Chainlink Labs to bring crypto pricing data to blockchains.

The initiative will utilize Chainlink’s oracle network, and the data will be directly distributed to multiple blockchain applications including those in the decentralized finance (DeFi) ecosystem.

  • Wormhole’s W Token Has a 999% Weekly Return; Why VanEck Is Bullish on Ethereum Layer 2s
    02:30
    Wormhole’s W Token Has a 999% Weekly Return; Why VanEck Is Bullish on Ethereum Layer 2s
  • NEAR Launches Multichain Access
    15:12
    NEAR Launches Multichain Access
  • Three Crypto Predictions in 2024
    02:07
    Three Crypto Predictions in 2024
  • Crypto Market Leaders and Laggards in 2023
    01:50
    Crypto Market Leaders and Laggards in 2023
  • “Blockchains don’t come preloaded with external data, so we’re providing reference prices for spot digital assets that will be able to power a variety of complicated financial structures that only have traditionally been the domain of our existing financial system,” Zane Glauber, Galaxy’s head of strategic opportunities, told CoinDesk.

    The data contains spot prices for cryptocurrencies such as bitcoin (BTC) and ether (ETH), as well as other cryptocurrencies in various currency pairs, including dollars, according to a statement.

    Glauber also told CoinDesk the crypto reference data will aid developers that are building their DeFi primitive or dapp. “These reference prices are important as they can be embedded within smart contracts tied to lending, borrowing, options, futures and more to settle matters all on chain. The growth of these future products should help secure the growing total value locked on DeFi apps, supporting the future development of the ecosystem,” he added.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.