Spartan Hill is planning to launch a new decentralized Colombian Peso stablecoin. This company is focused on portfolio management.
To achieve this, Spartan Hill has established a partnership with Chainlink. According to the announcement, adding Chainlink reliable price feed for COP/USD trading pair will help to accurately calculate the amount of collateral Daily (DLY) stablecoin needed to mint or burn.
Also, the Chainlink Price Feeds will ensure the new DLY stablecoin is operated in a decentralized manner. This, in turn, will boost users’ confidence in the Colombian Peso stablecoin.
South American #Fintech firm Spartan Hill is integrating #Chainlink Price Feeds to support its new decentralized Colombian Peso stablecoin, DLY. Chainlink oracles will be referenced to calculate the value of crypto collateral during mints/burns of DLY. https://t.co/XL0Lkc152O
— Chainlink (@chainlink) October 6, 2021
Details of the Chainlink – Spartan Hill Partnership
Spartan Hill has plans to introduce a stablecoin in South America. Furthermore, the stablecoin will be pegged to the Colombian Peso. The integration of Chainlink will play a massive role in the successful deployment of this stablecoin. Once launched, the stablecoin will serve as a reliable digital asset for interested persons on the continent looking for stable crypto payments options.
On the other hand, the CIO of Spartan Hill, Cesar Marroquin, pointed out that Chainlink price feeds are the most viable solution. This will empower the upcoming launch of the $DLY token. Therefore, Chainlink will support enterprise-grade data quality and infrastructure security.
Also, Marroquin added that the partnership will ensure an enabling environment for Spartan Hill. He said that “consistently price collateral accurately and securely based on current global market conditions. All in a decentralized and transparent manner.”
Why Spartan Hill Chose Chainlink?
After extensive research, partnering with Chainlink (LINK) with Spartan Hill was reached. Therefore, there are several reasons why this happened:
- Chainlink boasts of having access to premium data aggregators. So, Spartan Hill will be resistant to data manipulation attacks, API downtime, etc.
- The oracle platform also boasts of being genuinely decentralized, reliable, and secure.
- Chainlink price feeds also rely on secure node operators that are independent and security-reviewed.
- Lastly, Chainlink has a far-reaching reputation and a history of being a reliable oracle platform.
Also, the protocol has a “proof of reserve” protocol that provides more security to dApps:
#Chainlink Proof of Reserve provides on-chain applications with automated audits of off-chain & cross-chain reserves, helping increase the security & transparency of the #DeFi ecosystem. Learn more about Proof of Reserve below & the use cases it supports. https://t.co/fLXfPVtwPK
— Chainlink (@chainlink) October 5, 2021
More About Spartan Hill
Spartan Hill is a Colombian-based fintech platform offering portfolio management and software tech services. The firm also makes use of features like risk management algorithms, advanced trading, etc.
Also, Spartan Hill provides its clients with a wide range of investment opportunities. Therefore, users can also easily have access to different investment marketplaces. Thus, allowing them to diversify their crypto holdings.
On the other hand, Spartan Hill has launched a Point-of-Sale (PoS) platform called “Pluto.” The platform will enable users to make payments with supported cryptocurrencies.
At the time of writing, $LINK was trading at USD 27.25 with a market cap of USD 12,408,381,118 and a 24-hour trading volume of USD 1,451,194,548. The token price is also up by 6.8% in the last 24 hours.
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