Galaxy Digital to start using Chainlink to monitor the crypto market

What’s new? Investment firm Galaxy Digital has announced that it will use Chainlink’s decentralized oracle network to provide cryptocurrency market data to smart contract developers for blockchain applications, Cointelegraph reports.

News on the Cointelegraph website

What else is known about the integration? Galaxy Digital stressed that while blockchain technology is innovative, it does not deliver market data automatically on its own, and the collaboration with Chainlink is designed to fix that. According to Galaxy Digital’s head of strategic opportunities, with this data, smart contract developers will be able to create more advanced decentralized applications (DApps). In addition, the integration will have a positive impact on the entire ecosystem.

The head of Chainlink also commented on the integration. Yaser Jazouane said that high-quality pricing data is a key that opens up various options for using decentralized finance (DeFi).

Chainlink is based on the Ethereum blockchain. The platform verifies and provides data from external sources for other smart contracts. In June, the team announced the launch of a staking feature that will appear in the second half of 2022, as well as the development of a new consensus algorithm, Proof of Reserves (PoR), which will increase transaction transparency. The native token LINK is trading at $7,93 as of September 28, 08:30 UTC, having gained 1,84% per day (Binance data), the total capitalization of the asset is $3,87 billion.

Galaxy Digital was founded by Mike Novogratz, trader, investor, and former head of the Goldman Sachs branch in Latin America. It had $1,7 billion in assets under management at the end of Q2 2022. The company’s shares are traded on the Toronto Stock Exchange (TSX) under the ticker GLXY. The price per security is $6,15, up by 3,19% per day, according to Investing.com.

In June, analysts at Santiment recorded the highest activity on Chainlink for 5 years. On June 28, users moved 80,8 million unique LINK tokens. This is the largest figure since the initial coin offering in September 2017.