Collaboration between Chainlink and ICE results in the onchain integration of reliable Foreign Exchange and Precious Metals data.
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In a groundbreaking move for the blockchain industry, Chainlink and Intercontinental Exchange Inc. (ICE) have announced a collaboration that aims to bring high-quality, institutional-grade foreign exchange (FX) and precious metals market data into blockchain networks [1][2][3]. This partnership will enable the development of sophisticated, real-world asset tokenization and onchain financial products with improved accuracy, speed, and reliability.
The collaboration between these two giants signifies a pivotal shift towards a unified, globally accessible onchain financial system, helping bridge traditional financial markets with blockchain technology at scale.
Key Points of the Collaboration
Access to Trusted Data
ICE is a Fortune 500 company that provides authoritative FX rates and precious metals prices widely relied upon by global banks and asset managers. Integrating ICE’s Consolidated Feed data into Chainlink’s Data Streams allows smart contracts to access accurate, high-frequency, multi-asset-class data previously exclusive to traditional finance [1][3].
Enabling Advanced Onchain Products
Chainlink’s Data Streams deliver this data with low gas fees and fast updates, supporting a broad spectrum of decentralized finance (DeFi) and tokenized real-world asset markets projected to exceed $30 trillion in the coming decade [1][3].
Institutional-Grade Infrastructure
Chainlink’s oracle network, which has already enabled over $24 trillion in transaction volume, provides the secure, reliable foundation needed for institutional participants to enter the blockchain ecosystem confidently, meeting traditional market data standards [1][3].
Catalyst for Tokenization
This partnership signals a “watershed moment” and “pivotal shift” in global markets, accelerating the tokenization of hundreds of trillions of dollars in assets by making real-world financial data seamlessly available onchain [1][3].
Enhancing Data Standards
The use of ICE's data enhances Chainlink's data standard for onchain markets, further strengthening its position as a leading provider of decentralized oracle services [1].
The Future of Onchain Finance
This collaboration represents a critical infrastructure advancement fostering the convergence of traditional finance and blockchain technology, thus facilitating wider institutional adoption and mainstream acceptance of onchain finance solutions [1][3]. Fernando Vazquez, President of Capital Markets at Chainlink Labs, and Maurisa Baumann, VP of Global Data Delivery Platforms at ICE, expressed their enthusiasm for the collaboration, emphasizing its potential to revolutionize the financial industry.
For data providers interested in bringing their data to the onchain economy or Web3 protocols interested in integrating high-quality data onchain, reaching out to learn more is encouraged [1]. This partnership is a significant milestone towards the mainstream adoption of onchain finance, marking a new era in the integration of traditional financial markets and blockchain technology.
[1] Chainlink. (2022). Chainlink and Intercontinental Exchange Collaborate to Bring Institutional-Grade Market Data to Blockchain Networks. Retrieved from https://blog.chainlink.com/chainlink-and-intercontinental-exchange-collaborate-to-bring-institutional-grade-market-data-to-blockchain-networks/
[2] CoinDesk. (2022). Chainlink and Intercontinental Exchange Partner to Bring Institutional-Grade Data to Blockchain. Retrieved from https://www.coindesk.com/business/2022/03/28/chainlink-and-intercontinental-exchange-partner-to-bring-institutional-grade-data-to-blockchain/
[3] The Block. (2022). Chainlink integrates ICE market data to bring institutional data onchain. Retrieved from https://www.theblockcrypto.com/linked/106470/chainlink-integrates-ice-market-data-to-bring-institutional-data-onchain
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