A famous trading and asset management firm has established a subsidiary with a well-known altcoin in the crypto market. Following the announcement of the affiliate, the price of the cryptocurrency jumped from its current levels. The price of the cryptocurrency has increased by 9% in the last 24 hours. Thus, it revealed the reflection of the investors in the news.
The giant company signed an affiliate with this altcoin
There are many innovations brought by blockchain technology. But a blockchain does not automatically generate market data on its own. To fix this, trade and wealth management firm Galaxy Digital has set up a subsidiary with a well-known altcoin. Accordingly, the company collaborated with Chainlink. Koindeks.com As we have reported, Chainlink is a recognized Blockchain oracle provider. According to the details of the subsidiary, Galaxy will provide the firm’s crypto pricing data to blockchains via Chainlink.
Galaxy Digital says that with this information, smart contract developers can create more advanced decentralized applications (DApps). Galaxy’s Zane Glauber said they believe the integration will have a positive impact on the Blockchain ecosystem. According to Glauber, market data will be valuable for decentralized finance (DeFi) and DApps. Because these works need reference prices that can be placed on smart contracts.
“Blockchains do not come preloaded with external information. That’s why we provide reference prices for spot digital assets that will power the various complex financial structures that are the domain of our current financial system. The growth of DeFi and dApp artifacts in the future will support the evolution of the ecosystem. This will guarantee the ever-increasing amount of locked-in total value (TVL) in DeFi applications.”
Chainlink will provide Galaxy with pricing information
Yaser Jazouane, one of Chainlink’s executives, also commented on the strategic partnership with Galaxy. Jazouane said that high-quality pricing information is the key to unlocking various use cases across all DeFi. “High-quality market information is the foundation of DeFi economics,” the executive said. Chainlink’s subsidiary is valuable. Because DeFi-focused altcoin projects have a lot of potential for development.
However, the DeFi space seems to be unable to unleash its full potential due to heavy security vulnerabilities. Alan witnesses millions of dollars in fund thefts due to hacks and platform exploits. For example, a vulnerability in the private wallet address generator Profanity platform has recently been the target of hackers. Because of this, several wallets lost about 3.3 million worth of crypto assets.
LINK price jumps after stakeholder announcement
After the emergence of Chainlink’s cooperation with Galaxy, a rise in the price of LINK began. According to the latest data, the altcoin has increased its value by 9.13% in the past 24 hours. Yesterday, the LINK token, which was trading around $7.55, was trading at $8.32 at the time of writing.