New Change FX (NCFX) will start using Chainlink to provide traditional financial market information on blockchains. The data that will be provided includes FX, crypto assets, and precious metals.
NCFX has announced that it will be offering financial market data on the blockchain to users. The platform will make data available regarding premium FX, precious metals, and crypto assets with around 2300 currency pairs through this initiative. This data will be made available on blockchains using the Chainlink network.
NCFX offers a live platform for financial market data. Its operations have been approved by the European Securities and Markets Authority (ESMA) and the Financial Conduct Authority (FCA).
Using Chainlink to Link DeFi and Traditional Finance
Chainlink offers the ideal platform needed to access data from different blockchains or even on centralized platforms. Chainlink nodes are very flexible, given that they can be accessed by everyone on a decentralized network.
By NCFX making traditional financial market data available, it will be playing a crucial role in accelerating the growth of the growing DeFi space. In the press release, NCFX stated that developers could exploit Chainlink nodes to access FX benchmark, reference rates, and analytics for transaction costs for crypto assets, precious metals, and centralized markets.
NCFX also stated that its data will be made accessible in the entire DeFi ecosystem and foster various actions to boost financial products, including lending pools, insurance items, derivatives, automated trading strategies, etc.
Andy Woolmer, the CEO of NCFX, spoke during the launch and stated that partnering with Chainlink presented them with a solution that will withstand future changes. It will make NCFX’s data available across the DeFi ecosystem. He added that the process of integrating the Chainlink network into their APIs was cost-effective and not time-consuming. Nevertheless, it had given them access to a massive market.
Chainlink Network increases user value
The Chainlink network has some essential features that increase user value by providing quality financial data. Chainlink offers better credential management to securely manage APIs and user details, creating a smooth integration between the two. By having an open-source software design, Chainlink is also secure, making it a great choice in a volatile market sphere.
Chainlink network is future-proof. This means that the data that will be made available on NCFX will be available and valuable in the current market and in the future market. The fact that Chainlink is widely used across DeFi also means that NCFX will have access to a vast market of potential consumers of traditional market data.