invezz.com
Crypto.com, a project that seeks to expedite the world’s transition to cryptocurrency, is gearing up to integrate Chainlink’s Price Feeds oracle solution to its EVM chain, Cronos. This move seeks to offer DeFi developers on Cronos easy access to external financial market data.
According to a press release obtained by Invezz, on-chain by lending/borrowing protocols, derivatives markets, asset management services, and advanced DEXes will be able to price a plethora of crypto and traditional assets seamlessly after this integration.
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Giving an overview of functions that might become available after Cronos integrates Chainlink Price Feeds, Crypto.com mentioned pricing collateral assets for money markets, settling futures and options contracts at expiry, creating exchange rates for tokenized assets, checking limit order conditions, rebalancing algorithmic stablecoins, calculating staking rewards, among others.
Reasons for partnering with Chainlink
Commenting on this partnership, Kris Marszalek, the co-founder, and CEO of Crypto.com, said Crypto.com seeks to offer full-spectrum support for all projects that run on Cronos. He added that partnering with Chainlink helps the company further this goal. Per Marszalek, Chainlink is a trusted partner when it comes to providing secure and reliable decentralized oracles networks. He added that this integration seeks to support decentralized applications (dApps) that need oracles, especially price feeds, to function.
The press release further lauded Chainlink Price Feeds, saying the oracle solution is easy to integrate. Additionally, the price feeds have netted tens of billions of dollars for multiple DeFi projects. Crypto.Com further noted that Chainlink’s data aggregation model delivers accurate price feeds. On top of this, the company said Chainlink’s oracle infrastructure guarantees reliable uptime and immutability.
It is worth noting that the company’s praise of Chainlink is based on experience. Before this partnership, Crypto.com integrated Chainlink Price Feeds into its DeFi wallet in September last year. This collaboration also availed Chainlink Price Feeds for CRO/ETH and CRO/USD on the Ethereum mainnet. Through this availability, DeFi applications can price Crypto.com’s native token on-chain, expanding its use cases.