Independent analytics and data firm New Change FX (NCFX) has revealed its intention to make its premium crypto asset, FX, and precious metal market data accessible on blockchains via Chainlink. Blockchains will be able to access premium market data associated with roughly 2,300 currency pairs.
Authorised by the Financial Conduct Authority (FCA) as well as the European Securities and Markets Authority (ESMA), NCFX works to provide a live spot FX benchmark, as well as offering other forex reference rates. The company has recently been expanding its offerings to reflect the rising demand for financial market data.
Independently functioning blockchains cannot access data from centralised ecosystems or even other blockchains. Platforms such as Chainlink offer data oracles to provide a solution to this functionality flaw, accessed by all decentralised networks.
NCFX predicts this data to be beneficial when it comes to the ever-popular decentralised finance ecosystem (DeFi), and went on to explain in its press release that developers will be able to gain simple access to its FX reference rates, benchmark as well as its analytics for the transaction costs of traditional markets, by utilising Chainlink.
Speaking in the integration of Chainlink, Andy Woolmer, CEO of New Change FX, said:
We now have a future-proof oracle solution that makes our data consumable in DeFi markets across leading blockchain environments.
NCFX stated that its decision to integrate with Chainlink came after it identified the network as one of the most reliable, time-tested and secure oracle infrastructures on offer. Chainlink is known to be the standard oracle solution within the industry, as a vast number of decentralised applications and traditional data providers often use it to execute transactions between each other. NCFX identified the key benefits of Chainlink as its credential management, wide usage, open-source software for security, and the fact that it is blockchain agnostic.
On the topic of connecting existing APIs to the network, Woolmer noted that it 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.”
