Kraken, the fourth-largest cryptocurrency exchange globally, will make its spot price data available for users through decentralized finance applications and developers.
A news post on cryptobriefing claimed that Kraken has a new Chainlink node, through which the spot prices can be accessed through DeFi applications and other blockchains. Using this connection to the Chainlink network, the exchange can broadcast its price data live.
Kraken is the fourth-largest cryptocurrency exchange in the world based in San Fransico. Now, you can easily access the price data instantly. This is possible because of its new sport price data with the help of a Chainlink node.
Conor Maloney is a blockchain journalist, had this to tweet on Kraken running chainlink node by making spot prices that are available to DeFi apps.
The fourth-largest exchange made the announcement on Monday that it is now running its own Chainlink node. That means the price data of different cryptocurrencies and other blockchains can now be effortlessly broadcasted live.
Kraken developers felt that they wanted to provide in-house crypto data that could be directly accessible on-chain. This would enable its uses to execute their moves using the DeFi apps.
The new chainlink node can now let the exchange highlight its price data on any blockchain. Besides that, traders can use Chainlink’s signing capabilities to see the proof of the origination of the data.
According to the latest Kraken Intelligence report on price manipulation, the makers decided to run a Chainlink node. The San Francisco-based exchange said that broadcasting the spot price data using the new chainlink node improves transparency and building trust.
Since a lot of data is involved due to derivatives contracts, dApps, financial protocols, stablecoins, and cross-border payments, in the market, many exchanges seem to have an affinity towards Chainlink being used as the blockchain oracle.
Its built-in cryptographic signing capability ensures that you have complete access to on-chain proof. Probably, this was the main factor for using it on their exchange. Additionally, it is found used within DeFi to offer exceptional, reliable price data free from manipulation.