New Change FX (NCFX), an independent data and Analytics business, announced on Wednesday that it will offer traditional financial market data on blockchains through Chainlink’s data oracle services.
The company will provide market data of FX, precious metals and crypto assets, covering a total of around 2,300 currency pairs. These data sets can be accessed using Chainlink’s nodes.
NCFX provides a live spot FX benchmark that has been authorized by both the European Securities and Markets Authority (ESMA) and the Financial Conduct Authority (FCA). Additionally, the company offers other consolidated forex reference rates.
Bridging the Gap between Mainstream Finance and DeFi
As different blockchains operate independently, they cannot access the data from the centralized ecosystem or even another Blockchain . To bridge this gap, platforms like Chainlink offers data oracles, which can be accessed by any decentralized network.
NCFX is expecting that its market data will be useful for the booming decentralized finance (DeFi) ecosystem. It explained that developers can easily access its FX benchmark and reference rates and transaction cost analytics for traditional markets using the Chainlink network.
Commenting on the development, NCFX CEO, Andy Woolmer, said: “Through our integration with the Chainlink Network, we now have a future-proof oracle solution that makes our data consumable in DeFi markets across leading blockchain environments.”
“Connecting our existing APIs to the Chainlink Network was an incredibly efficient process that required very little time and resource on our end, yet gave us access to a large new market segment that requires high-quality financial data to bring its users value.”
Meanwhile, the company is constantly expanding its offerings as the demand for financial market data is rising. It launched its suite of forex APIs last year and also partnered with EOSE to further strengthen the distribution of its independent FX data and TCA tools.
