TP ICAP, a provider of information and electronic market infrastrctuure, has tapped Web3 services provider, Chainlink Labs, to provide institutional-level forex pricing data to the blockchain ecosystem. The company has also joined the Chainlin Network, both firms announced in a joint statement on Thursday.

According to the statement, TP ICAP will supply forex data on over 950 currency pairs to Chainlink’s decentralized oracle networks (DONs) through its data and analytics division, Parameta Solutions, which was authorized as a benchmark administrator by the UK Financial Conduct Authority (FCA) last year. A DON is a group of external third-party services that provides real-world data or financial information to a blockchain system.

“With this data now available on-chain, Web3 developers can access TP ICAP's proprietary foreign exchange market data to build a variety of secure smart contract applications,” Chainlink noted in the statement, adding that it will supply TP ICAP’s data to “the widest net of developers possible through aggregated Chainlink Price Feeds.”

Speaking on the collaboration, Yaser Jazouane, Head of Data Products at Chainlink Labs, noted that TP ICAP’s forex pricing data on Chainlink will help to boost the security, accuracy and utility of blockchain applications.

TP ICAP Seeks to Expand Digital Footprint

TP ICAP is also an inter-dealer broker that matches buyers and sellers across major financial markets and asset classes including energy and commodities. The company also provides price discovery, trade execution and liquidity flow services.

However, TP ICAP is making efforts to establish its presence in the digital asset industry. The company recently registered Fusion Digital Assets, its wholesale exchange for spot crypto assets, with the UK FCA as a crypto asset exchange provider. TP ICAP first announced the planned launch of the platform in June 2021.

Fusion Digital Assets seeks to serve only institutional investor. The platform is a combination of TP ICAP’s over-the-counter electronic platform, Fusion, Fidelity Digital AssetsSM’s custodial capabilities and Diversified Liquidity’s anonymous streamlining liquidity services.