Blockchain oracle platform Chainlink has partnered with the US-based Fortune 500 firm Intercontinental Exchange (ICE) to carry international change and valuable metals information onchain.
Chainlink introduced Monday that the collaboration will carry ICE’s Consolidated Feed, which aggregates market information from over 300 world exchanges and marketplaces, to the derived information units that energy Chainlink Data Streams.
According to Chainlink, these feeds help over 2,000 decentralized functions (DApps) and main monetary establishments to offer the market data essential to function in tokenized environments.
The partnership marks a serious step in integrating conventional market infrastructure inside the blockchain ecosystem.
Enhancing the accuracy of charges utilized by DeFi platforms
By utilizing the pricing information offered by the ICE, Chainlink will improve the accuracy and reliability of the charges utilized by decentralized finance (DeFi) platforms, asset managers and banks constructing merchandise onchain.
The firm expects that the transfer will enhance the expansion of institutional-grade blockchain-based functions that require low-latency and tamper-resistant market information, which is at all times a requirement for automated settlements and high-value transactions.
Maurisa Baumann, vp of worldwide information supply platforms at ICE, stated that working with Chainlink is “an necessary step in rising the worldwide blockchain financial system” as a result of it ensures that markets constructed onchain have the identical stage of reliability and transparency as conventional capital markets.
Meanwhile, Fernando Vazquez, president of capital markets at Chainlink Labs, stated the collaboration factors towards “a unified, globally accessible onchain monetary system.” He stated this positions blockchain infrastructure to help the tokenization of trillions of {dollars} in property, highlighting Chainlink’s push to carry institutional-grade requirements to DeFi
Related: Animoca launches NUVA market to unify ‘fragmented’ RWA sector
Tokenized RWAs proceed to rise
The announcement comes as demand for tokenized real-world property continues to rise. In June, Standard Chartered predicted that the RWA market may attain over $30 trillion by 2034.
Data tracker RWA.xyz reveals the full RWAs onchain is round $25.7 billion, whereas stablecoins are over $260 billion on the time of writing.
In addition, information reveals that the full asset holders for RWAs reached over 347,000, up 13.97% within the final 30 days. The information additionally reveals that stablecoin holders are over 188 million, up 2.82% within the final 30 days.
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