- Crypto.com has revealed that it has inked a deal that will lead to the integration of Chainlink’s price feeds with its decentralized finance (DeFi) wallet product.
On Monday, the wallet and payment card provider based in Hong Kong, stated that Chainlink’s Price Reference Data has been directly integrated with its DeFi wallet which will give its clients ready access for its price feeds.
Crypto trading, finance & payment platform @cryptocom is now using #Chainlink‘s Price Reference Data directly in their DeFi wallet. They will also be consuming two price feeds for their native asset CRO, to improve their platform’s decentralization and transparency.
— Chainlink – Official Channel (@chainlink) September 14, 2020
The addition of Chainlink’s price feeds into Crypto.com’s DeFi wallet is in line with the latter’s expansion program towards booming spaces. According to Eric Anziani, Crypto.com’s chief operating officer, the partnership will add more value to its customers. Anziani explained:
“I would say with the partnership with Chainlink is kind of our first integration with a DeFi protocol, it brings value to our customers in terms of providing transparency in the prices that we’re giving them in our DeFi wallet and also making sure our ecosystem token CRO can be integrated into the external protocol by building a price feed for CRO specifically thanks to the Chainlink architecture.”
According to a press release shared with Bitcoin Exchange Guide, the firm will start with its native token in receiving the decentralized price feed, CRO/ETH but plans are underway for the addition of CRO/USD. Anziani clarified that the firm will kick off with DeFi tokens, however plans are underway to utilize Chainlink’s price feeds for the rest of the tokens within its ecosystem.
Anziani also explained that the expansion is not intended to take advantage of the current hype, but is driven by the basic belief that each person is entitled to have the control of their money, identity as well as data and the blockchain tech-based firms should lead towards this achievement.
Speaking on the recent controversy surrounding top exchanges listing the much-hyped SUSHI token, Anziani explained that his firm’s clients trust that Crypto.com has solid due diligence protocols before a new asset is listed which informed the firm’s decision not to list it.
Crypto.com rolled on its wallet at the start of this year touting it as a user friendly wallet to capitalize on the buzz around DeFi space.