Kraken to run its own Chainlink node to provide price data to DeFi apps
Crypto exchange Kraken announced Monday that it will run its own Chainlink node to provide spot price data to decentralized finance (DeFi) applications and others.
“Running our own Chainlink node will not only provide us with a mechanism to broadcast our Oracle Rates on any blockchain, but we can leverage Chainlink’s built-in cryptographic signing capabilities to provide users with definitive on-chain proof of that data originating directly from Kraken,” said the exchange.
Essentially, Kraken aggregates pricing data from its order books and makes it available on-chain for DeFi apps and other usages. The move is aimed at increasing transparency and reducing price manipulation.
“Given the growth of DeFi and the need for high-quality data feeds to keep it secure, we’re excited to make our exchange data spot prices available to DeFi developers through our own Chainlink node,” said Jeremy Welch, Kraken’s VP of product.
Kraken said its spot prices are updated every minute and can be used to obtain “real-time” data feeds for various DeFi apps, including trading and lending protocols.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Yogita Khatri
