Galaxy taps Chainlink to bring pricing data to blockchains

Galaxy Digital Holdings Ltd. (TSX: GLXY), a financial services and digital asset provider in the blockchain space, has partnered with Chainlink Labs (LINK/USD) to provide access to crypto pricing data for blockchains.

The firms will offer the service via Chainlink’s oracle network, they announced in a press release accessed by Invezz on Tuesday. 

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Chainlink’s technology to benefit blockchains

According to the companies, Chainlink makes it easy to use application programming interfaces (APIs) and provides for easy monetisation across blockchains. Using the technology will therefore see Galaxy offer its crypto pricing data across multiple blockchain-based applications, with direct distribution also available to smart contracts in decentralised finance.

Zane Glauber, the Head of Strategic Opportunities at Galaxy, said the integration is part of the company’s effort to boost development of a diverse crypto ecosystem. He added:

“Our extensive market data, which will be available through Chainlink’s blockchain-agnostic architecture, will be an important tool in enabling smart contract developers to build advanced blockchain applications.”

Galaxy’s data includes spot crypto prices for top assets such as bitcoin and ether, as well as numerous other digital assets pairs.

Chainlink Labs’ Head of Data Products Yaser Jazouane said that the DeFi ecosystem relies a lot on “high-quality market data” and that Galaxy’s integration will trigger further innovation across the industry. He said in a statement:

“By providing high-quality pricing data to blockchains through the Chainlink Network, Galaxy is playing a valuable role in unlocking exciting new use cases and driving innovation across the DeFi ecosystem.”

Galaxy’s suite of products in the space include trading, asset management, mining, investment banking and ventures.