LCX and Chainlink are collaborating to provide transparent and verifiable reference price services for decentralized finance applications (DeFi) and the token economy. LCX has developed its own proprietary data generation methodology and as a data-provider will publish its reference prices and accompanying methodology on the blockchain using Chainlink’s decentralized price oracle technology. This combined framework will give institutional entities access to secure, reliable, transparent, and compliant blockchain-based price feeds.
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LCX is set to become a Data Provider to the Chainlink network to provide reliable daily reference prices for digital assets. Cryptocurrency reference rates are often used as the basis for daily exchange rates in traditional transactional platforms and decentralized financial (DeFi) applications, as well as to assign valuation to assets in corporate financial statements, tax returns, statistical reports, digital assets analyses, and more.
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Due to Chainlink’s secure, reliable, and open-source infrastructure, LCX is able to publish its credible reference prices on the blockchain in an easily verifiable and immutable manner. LCX’s credible reference prices are then available to be used by DeFi applications, traditional financial infrastructure, enterprises, governments, and more dealing with digital assets.
“We are providing new infrastructure that allows traditional finance the ability to service DeFi applications and interact with digital asset products,” said Daniel Kochis, Head of Chainlink Business Development. “We are excited to work with LCX to deliver credible data sources to our ecosystem, which opens them up to a wide variety of users and markets.”
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