Crypto.com, a project that seeks to accelerate the world’s transition to cryptocurrency, is preparing to integrate Chainlink’s Oracle Price Feeds solution into its EVM chain, Cronos. The company released this news via a blog post earlier today, noting that this move seeks to offer DeFi developers on Cronos easy access to external financial market data.
According to a press release obtained by Invezz, on the chain using lending / lending protocols, derivatives markets, asset management services, and advanced DEXs will be able to price a large number of crypto assets and traditional assets without hassle afterwards. of this integration.
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In providing an overview of features that might be available after Cronos integrates Chainlink Price Feeds, Crypto.com mentioned collateral asset pricing for money markets, settlement of futures and options contracts at expiration, creation of exchange rates for tokenized assets, verification of limit order conditions, rebalancing of algorithmic stablecoins, calculating wagering rewards, among others.
Reasons to partner with Chainlink
Commenting on this partnership, Kris Marszalek, Crypto.com co-founder and CEO, said that Crypto.com seeks to offer full spectrum support for all projects running on Cronos. He added that partnering with Chainlink helps the company further this goal. According to Marszalek, Chainlink is a reliable partner when it comes to providing secure and reliable decentralized oracle networks. He added that this integration seeks to support decentralized applications (dApps) that need oracles, especially price feeds, to work.
The press release further praised Chainlink Price Feeds, saying that Oracle’s solution is easy to integrate. Additionally, pricing sources have generated tens of billions of dollars for multiple DeFi projects. Crypto.Com further noted that Chainlink’s data aggregation model offers accurate pricing information. In addition to this, the company said that Chainlink’s Oracle infrastructure ensures reliable uptime and immutability.
It’s worth noting that the company’s Chainlink praise is based on experience. Prior to this partnership, Crypto.com integrated Chainlink Price Feeds into its DeFi wallet in September of last year. This collaboration also leveraged Chainlink’s pricing sources for CRO / ETH and CRO / USD on the Ethereum mainnet. Through this availability, DeFi applications can price Crypto.com’s native token on the chain, expanding their use cases.
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