Chainlink partners with Intercontinental Exchange to bring forex and precious metals data onchain.

Chainlink partners with Intercontinental Exchange to bring forex and precious metals data onchain.

In a significant development for the blockchain industry, Chainlink has announced a partnership with Intercontinental Exchange (ICE) to integrate high-quality forex and precious metals data into its onchain ecosystem. This collaboration marks a crucial step towards the mainstream adoption of onchain finance and could unlock new opportunities for tokenized real-world assets.

According to the announcement, Chainlink will utilize ICE's Consolidated Feed data to derive FX and precious metals rates, which will be distributed onchain via Chainlink Data Streams. This data will be used by over 2,000 applications, including leading banks and asset managers, within the Chainlink ecosystem. The integration of ICE's market-leading data feed, which covers a broad array of currencies and precious metals, aims to enhance the reliability and trustworthiness of onchain markets [1].

The collaboration is particularly timely as the demand for tokenized real-world assets is projected to reach $30.1 trillion. This integration allows Chainlink to tap into this growing market, providing on-demand access to secure and reliable high-frequency market data. By leveraging ICE's institutional-grade infrastructure, Chainlink can offer a unified, globally accessible onchain financial system, positioning itself to play a pivotal role in the evolution of global markets [1].

Fernando Vazquez, President of Capital Markets at Chainlink Labs, commented on the partnership, stating, "This collaboration signals a pivotal shift towards a unified, globally accessible onchain financial system, with hundreds of trillions in assets on a clear path to tokenization" [1].

Maurisa Baumann, VP of Global Data Delivery Platforms at ICE, added, "With content from over 300 global exchanges and marketplaces, the ICE Consolidated Feed offers trusted, structured multi-asset class data to banks, asset managers and ISVs located around the world. We're happy to work with Chainlink to securely and reliably provide data for onchain markets, which is an important step in growing the global blockchain economy" [1].

This partnership highlights the increasing convergence of traditional finance and blockchain technology, as both sectors seek to leverage each other's strengths to create new opportunities and enhance existing systems. As the onchain economy continues to grow, collaborations like this one will be crucial in driving innovation and adoption.

References:
[1] https://www.prnewswire.com/news-releases/chainlink-and-ice-collaborate-to-bring-high-quality-forex-and-precious-metals-data-onchain-302526234.html