Kraken Exchange Brings Its Spot Price Data to DeFi Via New Chainlink Node
Kraken, the fourth largest cryptocurrency exchange by trading volume, is making its spot price data available for use by decentralized finance (DeFi) applications and developers.
- Kraken announced Monday it is now running its own Chainlink node, enabling it to broadcast its Oracle Rates to Ethereum and other blockchains.
- Chainlink’s built-in cryptographic signing capability also means users will have access to on-chain proof of any data originating from Kraken’s platform.
- The Oracle Rates can provide real-time price data feeds for decentralized applications, including derivatives contracts, lending, payments and stablecoins, San Francisco-based Kraken said.
- Chainlink’s decentralized oracle network is widely used within DeFi to provide reliable price data aimed to be free from manipulation. Oracles provide data that can be used to trigger events using smart contracts.
- Kraken said providing spot prices through oracles would help build transparency and trust in the digital asset industry.
- “Not only will this provide DeFi with accurate price feeds from a high-volume exchange, but we can cryptographically sign this data on-chain to prove without a doubt its origin, making it even more reliable when used to trigger automated blockchain transactions,” said Jeremy Welch, Kraken’s VP of product.