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Binance to provide useful data to the emerging Decentralized Finance industry with the help of Chainlink

Binance has struck a partnership with Chainlink to provide the emerging Decentralized Finance industry with useful data from its platform.

Image via Unsplash

Tue, 29 Oct 2019, 05:41 am UTC

Binance is one of the top crypto exchanges in the world, spanning hundreds of countries and has a host of coins under its belt. As such, Binance has a trove of useful data coming through it on a daily basis that can be useful for anyone who’s trying to get into the crypto sphere.

In an attempt to further expand this sector, Binance has partnered with Chainlink to provide useful data to the nascent decentralized finance (DeFi) industry. This collaboration is quite significant given that decentralized finance heavily uses smart contracts to create financial applications for lending, derivatives, decentralized exchanges and more.

And since smart contracts are totally dependent on the accuracy of the data being provided, having Binance pushing this movement is an important step in the rise of DeFi.

In partnership with Chainlink, Binance aims to connect a wide variety of cryptocurrency data on its platform to blockchains. Chainlink will be providing its oracle technology to DeFi projects, allowing them access to Binance data off-chain without sacrificing security risks, wrote Binance CEO Changpeng Zhao.

“At Binance, we are committed to growing the blockchain ecosystem. We support the development of Decentralized Finance as an important part of the ecosystem. Binance works with many blockchain projects, including Chainlink, to bring freedom of money everywhere, and through the help of Binance data and Chainlink’s network, we can help accelerate the growth of DeFi,” Zhao said.

Meanwhile, a recent SEC filing revealed that Binance and Blockstack (STX) entered an agreement where the latter will pay the former $250,000 via a long-term contract to list the cryptocurrency on the exchange for a year. The filing also revealed that Blockstack is willing to shell out three more payments if Binance agrees to list the token for a longer period.

Blockstack aims to make a move in the Asian crypto market

Specifically, Blockstack will pay an additional 833,333 STX – currently valued at $0.21 – on each anniversary that the agreement has been made. Blockstack will also be paying Binance $100,000 for marketing campaigns that are slated to launch at a later date, Cointelegraph reported.

The cryptocurrency has been listed on the exchange’s platform just five days ago and it appears that Blockstack is trying to boost its popularity within the crypto-verse. The main target of Blockstack is Asia, opting to stay away from the U.S. market as the country tries to regulate cryptocurrencies to prevent illicit activities.

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