Chainlink integrates Market Data from ICE to secure foreign exchange and metal assets within decentralized finance on the blockchain.
In a significant development for the burgeoning world of decentralized finance (DeFi), Intercontinental Exchange (ICE) and Chainlink have joined forces to integrate ICE’s Consolidated Feed—real-time, institutional-grade foreign exchange (forex) and precious metals pricing data sourced from over 300 global exchanges—into Chainlink’s Data Streams on blockchain networks [1][2][3].
This collaboration serves to bridge the gap between Wall Street and DeFi by:
- Bringing institutional-grade pricing data from legacy markets onto blockchain, enhancing the credibility and robustness of decentralized applications.
- Supporting the development of tokenized assets, automated settlements, and complex financial instruments on-chain that depend on accurate and timely market prices.
- Aligning reporting, settlement protocols, and compliance standards between traditional finance and blockchain ecosystems, facilitating wider institutional participation in DeFi.
- Enabling a unified, globally accessible onchain financial system with a trusted data foundation, crucial for scaling decentralized markets and trillions in tokenized real-world assets [1][2][3][5].
The partnership between ICE and Chainlink is a "watershed moment" that may convince mainstream markets to transition assets onchain, according to Chainlink Labs' Fernando Vazquez [6]. The current imbalance between stablecoins and tokenized real-world assets reflects traditional finance's cautious stance, but as institutions move towards blockchain infrastructure that meets their exacting standards, they are likely to commit fully [7].
ICE is also working with Paxos, which has applied for a U.S. trust bank license with the OCC, to further expand the reach of tokenized assets [4]. With a market for tokenized assets currently standing at $25.75 billion [8], this collaboration could potentially grow into a $30.1 trillion market by 2034, according to Standard Chartered [9].
In the hands of Maurisa Baumann, VP of Global Data Delivery Platforms at ICE, this partnership promises to foster a closer integration and mutual growth of both financial spheres, paving the way for a more inclusive and efficient financial system.
[1] https://www.ice.com/about/products-services/market-data/ice-consolidated-feed [2] https://chain.link/data-feeds/ [3] https://blog.chain.link/introducing-ice-consolidated-feed-on-chainlink-network/ [4] https://www.paxos.com/blog/paxos-trust-company-applies-for-us-trust-bank-charter/ [5] https://www.ibtimes.com/articles/627735/chainlink-ice-partnership-bridges-gap-between-wall-street-and-defi.htm [6] https://www.coindesk.com/markets/2021/06/22/chainlink-labs-ceo-calls-ice-partnership-a-watershed-moment-for-crypto/ [7] https://www.coindesk.com/markets/2021/06/22/chainlink-labs-ceo-calls-ice-partnership-a-watershed-moment-for-crypto/ [8] https://rwa.xyz/data [9] https://www.standard.co.uk/business/markets/tokenised-assets-market-could-be-worth-30-trillion-by-2034-standard-chartered-claims-a3925146.html
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