The blockchain-oriented platform Chainlink has partnered with US-based Fortune 500 company Intercontinental Exchange (ICE) to integrate foreign exchange and precious metals data on-chain.
Partnership Between Chainlink and ICE
Chainlink announced on Monday that the collaboration will integrate ICE's Consolidated Feed, which aggregates market data from over 300 global exchanges and marketplaces, into Chainlink's data streams. This partnership marks a significant step in integrating traditional market infrastructure within the blockchain ecosystem.
Enhancing Data Accuracy for DeFi
By utilizing pricing data provided by ICE, Chainlink aims to enhance the accuracy and reliability of rates used by decentralized finance (DeFi) platforms, asset managers, and banks building on-chain products. Chainlink expects that this move will boost the growth of institutional-grade blockchain applications that require low-latency and tamper-resistant market data.
Rise of Tokenized Assets
The announcement comes amid rising demand for tokenized real-world assets (RWAs). In June, Standard Chartered predicted that the RWA market could exceed $30 trillion by 2034. Data shows that the total value of RWAs on-chain is approximately $25.7 billion, while stablecoins surpass $260 billion.
The collaboration between Chainlink and ICE represents a significant step towards creating a more reliable and integrated blockchain economy, providing essential data access for participants in both traditional and decentralized financial markets.
