Digitex Futures Becomes First Centralized Exchange To Integrate Chainlink’s Decentralized Price Oracles
- Bitcoin (BTC) futures exchange, Digitex, announces its planned integration of Chainlink’s decentralized oracle system on its centralized exchange.
- The integration of Chainlink becomes the first-ever integration of its kind on a centralized crypto futures exchange.
In an official press release on Monday, May 25, 2020, Seychelles-based Bitcoin futures exchange, Digitex, announced the integration of Chainlink's decentralized price reference oracles in a bid to improve and support its internal index to prevent slippage on the platform. Chainlink’s integration on the futures exchange makes it the first centralized exchange to harness the power of the decentralized oracles.
Open finance platforms are the main users for the decentralized oracle system using Chainlink to match prices, recently SmartPy, a blockchain firm, announced the integration of the platform on Tezos. The tamperproof and reliable Chainlink price oracles will offer a back up to the Digitex crypto index in case the prices are too volatile from the average global price.
The price oracles will first be integrated into the BTC perpetual futures against the dollar (BTCperp/USD) and add more pairs’ price feeds in the future. Speaking on the Chainlink’s integration, Digitex CEO, Adam Todd said,
“Chainlink provides Digitex with highly reliable and transparent price feeds that protect our users against the negative outcomes of abnormal market conditions or internal complications.
Using Chainlink price data enables us to deliver stronger security and performance guarantees to our users, furthering our vision to revolutionize futures trading.”
Chainlink is a blockchain-based data oracle that allows users smart contracts to securely and transparently connect to off-chain data in real-time. Recently, the internet giant, Kakao blockchain project, Klaytn, announced the integration of the decentralized oracle to sync their smart contracts with external API’s and payment systems. They also launched Verifiable Random Function (VRF) earlier in May.
Chainlink's LINK token currently trades at $3.88, representing a slight percentage gain over the past 24 hours.