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- Galaxy Digital is acgiveing unprecedented goals in crypto sectors.
- Galaxy come up with Chainlink to resolve the issue.
The innovation of blockchain technology has made unprecedented changes in several sectors, but blockchain chain technology does not come with market data. To resolve this, trading and asset management firm Galaxy Digital and oracle provider Chainlink come together to work on the same.
In an official announcement with a crypto news outlet, Galaxy quoted that the firm will provide its crypto pricing data to the blockchain via Chainlink. The organization believed that this ultimately helps developers of Smart Contracts to design or program more advanced decentralized applications compared to current decentralized applications (dApps).
During an interview with a news outlet, the head of strategic opportunities at Galaxy Digital, Zane Glauber, said that he believes the collaboration will positively impact the blockchain ecosystem.
He elaborated, “Blockchains don’t come preloaded with external data, so we’re providing reference prices for spot digital assets that will be able to power a variety of complicated financial structures that have traditionally been the domain of our existing financial system.”
As Glauber believes, market data will be significant for DeFi (decentralized finance) and dApps because these products need reference prices that can be immersed within smart contracts. He added, “The growth of these future products should help secure the growing total value locked on DeFi apps, supporting the future development of the ecosystem.”
An official of Chainlink also added a note on Galaxy’sGalaxy’s initiative. Yaser Jazouane also believed that high-quality data is a major factor that unlocks several use cases across DeFi. Jazouaneadded, “High-quality market data underpins the DeFi economy.”
Earlier in the Second week of September 2022, Bitgo filed a lawsuit against Galaxy Digital for $100M over the ‘intentional Breach’ of the Merger Agreement. On 13 September, Bitgo informed them about a case they filed on Galaxy Digital for “improper repudiation and intention breach of its merger agreement.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
