Galaxy Digital to offer market data to blockchains with Chainlink

Galaxy declared that they will provide market data so that smart contract developers can shape better blockchain applications.

In spite of the innovations brought about by blockchain technology, a blockchain by itself does not inevitably come with market data. To fix this, the trading and asset management firm Galaxy Digital has worked together with the blockchain oracle provider Chainlink.

In a statement sent to Cointelegraph, Galaxy emphasized that the firm will provide its crypto assessing data to blockchains through Chainlink. The firm believes that with this data, smart contract developers will have the ability to build more advanced decentralized applications (Dapps).

Zane Glauber, the head of strategic chances at Galaxy, told Cointelegraph that they have confidence in that the incorporation will have a positive effect on the blockchain ecosystem. He explained that:

“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.”

According to Glauber, market data will be active to decentralised (DeFI) primitives and DApps because these products need reference prices that can be rooted within smart contracts. “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 said.

Yaser Jazouane, an executive at Chainlink, also commented on Galaxy’s move. Jazouane said that high-quality pricing data is a key that unlocks various use cases all across DeFi. “High-quality market data underpins the DeFi economy,” he said.