Chainlink has incorporated the high-quality forex and precious metals data feeds provided by Intercontinental Exchange (ICE) into its onchain data streams. The initiative will enhance Chainlink’s infrastructure by integrating price data that is considered market-leading via the Consolidated Feed provided by ICE. It also sets the network to back up a predicted $30.1 trillion market in tokenization.
ICE Data Enhances Chainlink’s Institutional-Grade Offering
Derived FX and precious metals rates formed as a result of ICE’s lengthy market feed will now be incorporated into Chainlinks Data Streams. ICEx runs major exchanges, clearing houses, and data providers, such as the New York Stock Exchange. Its consolidated feed pools authoritative data from over 300 trading venues around the world.
Chainlink enables Chainlink to provide tamper-proof and low-latency rates to >2,000 connected applications through the ICE pricing. The data allows application in decentralized finance, banking and asset management. This improves accuracy in tokenized assets valuation and permits more secure automated settlement mechanisms.
The introduction will bring Chainlink to the reporting standards in established capital markets. It helps that data can be accessed onchain to support onchain applications that have such data of traditional institutional standards. This facility is important in allowing a transition between blockchain technology and mainstream financial activities.
Driving the Growth of Tokenized Real-World Assets
The demand for tokenized real-world assets will grow to up to 30.1 trillion dollars. Chainlink‘s partnership with ICE is geared to attract a large portion of this opportunity. The network will be able to fuel the next generation of tokenized financial products with ready institutional-grade data.
These products encompass onchain variants of currencies, commodities, and structured investment products. The ability of such innovation to function and be compliant relies on valid, verifiable market data, and the inclusion of ICE data strengthens these products.
The shift also enhances the faster formation of superior DeFi protocols. These platforms will allow the trading and settlement of funds to be processed more efficiently because they will be faster and more reliable.
