GSR partners with Chainlink to integrate smart contract pricing data

Crypto market maker GSR has partnered with Chainlink to contribute price data to decentralized oracle networks (DONs) for use within decentralized finance (DeFi) and smart contract applications, highlighting that the blockchain industry is moving towards interoperability and greater cross-platform compatibility .

In an announcement, Sergey Nazarov, the co-founder of Chainlink, said that “quality market data is vital to the growth of the multi-chain ecosystem.” According to Nazarov, the launch of its data service GSR will enable the company to access the ever-expanding blockchain economy and aid in smart contract innovation.

Chainlink co-founder Sergey Nazarov. Source: OceanProtocol YouTube

Francisco Lopez, a GSR executive, also said the partnership with Chainlink Labs will enable GSR to accelerate adoption of “trust-minimized financial data products.” According to Lopez, because Chainlink is blockchain agnostic, GSR will have a “future-proof bridge” connecting data to the blockchain.

As a result of the collaboration, developers will have access to GSR’s analytics data that can be applied in use cases that rely on the aggregation of crypto market data sources such as yield products, prediction markets, options and futures, and algorithmic stablecoins.

Apart from this, the announcement also mentions that the partnership will enable the creation of several other data products that can be used within the DeFi landscape.

Related: Oracle Tokens Turn Bullish as Blockchain Projects Focus on Interoperability

In February, the climate-focused project Hyphen also integrated Chainlink to track and verify greenhouse gas data and hold companies accountable for their environmental impact statements. The project integrates organizational data and makes it available for smart contract use. This will enable tracking and regulatory services for both public and private entities.

Meanwhile, a DeFi banking firm has joined a council made up of several traditional financial feats. Scallop recently joined the PCI Security Standards Council (PCI SSC), a global community of projects committed to improving the security of payment data worldwide.

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