In a bid to pilot the DeFi system for CRO, Crypto.com’s native token, Crypto.com has incorporated Chainlink’s Price Reference Data.
According to reports, Crypto.com will incorporate Chainlink’s Price Reference Data into its DeFi Wallet on its mainnet. Therefore, aiding the provision of decentralized price feeds for DeFi tokens.
Notably, Crypto.com plans to pioneer the decentralized price reference data feeds first for CRO/ETH. Afterward, CRO/USD will be added on the Chainlink Network to ensure a profound integration into the growing DeFi ecosystem.
It’s important to note that this step ensures decentralized price feeds directly into the Crypto.com DeFi wallet. This will help users receive accurate and transparent prices for DeFi assets held within it.
Earlier this year, Crypto.com launched its Crypto.com DeFi Wallet. It gives customers full ownership of their private keys. The wallet also offers secure and user-friendly access to the decentralized finance ecosystem that will be powered by CRO.
Kris Marszalek, the co-founder and CEO of Crypto.com, commented on the partnership. He said, “Chainlink will help us decentralize and give our users more control to verify where and how price data is received and used within the Crypto.com DeFi Wallet. This gives our users more control of their money, data and identity without needing to trust a central entity.”
For his part, Sergey Nazarov, the co-founder of Chainlink, said, “We are excited to empower Crypto.com with secure and reliable price feeds to help enhance the capabilities of their DeFi wallet.” He added, “By shifting key financial product processes like calculating interest rates and managing a portfolio to more transparent and decentralized alternatives, users receive even greater guarantees that those services are reflective of true market conditions and not be subject to any form of human tampering.”
What is Chainlink’s price data feed about?
Chainlink’s Price Reference Data are price feeds that are secured by a decentralized network of independent node operators. Each of them receives the current price from off-chain data aggregators. The nodes’ responses are then aggregated to create a single price update. These price feeds are accurate and resistant to manipulation, which make them highly desirable by dApps in the DeFi space.
Chainlink is one of the leading oracle networks, featuring a decentralized node infrastructure and high-quality data sources. Its oracle networks ensure smart contracts on any blockchain will be able to access accurate data in a “tamper-resistant manner.”
In addition, Chainlink is the most used oracle in DeFi. The network has over $3 billion in value for applications like Aave, Kyber Network, Synthetix, and Bancor. The network’s generalized framework is being expanded to support other use cases like blockchain gaming via its Verifiable Random Function, as well as insurance through projects like Arbol.
Crypto.com was originally known as Monaco and rebranded in July 2018. Monaco conducted an initial coin offering in June 2017. During the ICO, the Monaco coin (MCO) was sold for about $2.88.
Presently, Crypto.com’s user base has increased beyond three million. From September 2019 to date, the number of users has increased by two million. This growth is partially attributable to the sheer number of features that are offered on its platform, such as Visa-backed cards, credit lines, staking, payment processing, and more.
Recently, Kytzu Validator partnered with Chainlink Network to become a new Chainlink node operator.
Also, Crypto.com and Boston Consulting Group (BCG) recently published a report. They analyzed the possibility of decentralized finance (DeFi) revamping the existing traditional financial systems.