Kraken, the fourth-largest cryptocurrency exchange in terms of trading volume, will make its spot price data available to decentralized finance(DeFi) applications and developers.
Kraken announced today that it already has its Chainlink node which can be used to send Oracle data to Ethereum and other blockchains.
Improving Blockchain Security
The node will allow exchanges to send oracle data to any blockchain moving forward. Users can use Chainlink’s signature function to provide proof of data origin for security reasons.
Kraken decided to launch the Chainlink node after a recent report published by Kraken Intelligence on price manipulation and other risks to the DeFi market. Chainlink significantly extends smart contracts’ capabilities by providing access to real data, events, payments and more without compromising the security and reliability of blockchain technology.
The exchange said issuing spot prices via Oracle Rates is an important step towards increasing transparency and building trust in the digital asset industry. Oracle Rates data enhances dApps, derivative contracts, stablecoins, cross-border payments, and other financial protocols.
Chainlink is the most widely used blockchain oracle, and Kraken says an in-depth audit process and asset allocation records were a factor in the decision to start a node.
Capturing Growing UK, Australia Markets
The cryptocurrency exchange Kraken added more than double the number of trading pairs available to sterling (GBP) and Australian dollar (AUD) customers.
In a press release last Thursday, the stock exchange announced that the move would expand its presence in two markets with significant upside potential. Jonathan Miller, Krakens’ general manager for Australia said that the digital currency industry is at a tipping point where institutional investors are broken down into asset classes. Due to the significant expansion of trading pairs, customers worldwide can have access to sophisticated cryptocurrencies.
Kraken members can now trade the fourteen cryptocurrencies listed on the exchange against GBP and AUD on exchanges that are almost ten years old. Not all cryptocurrencies available on Kraken are directly exchangeable with each other.
The new one offers a pair of stellar, cardano (ADA), chainlink(LINK) and polka dots against GBP and AUD.
The news marks the most significant growth in the pair in Kraken’s history and allows traders using GBP and AUD to gain more exposure to some of the fastest growing segments in the industry. According to Kraken, the UK is one of Kraken’s most active customer bases for cryptocurrency betting. Australia had been one of the fastest-growing markets since its inception in June last year.
The exchange confirmed yesterday that it has added Flow Trading Support (FLOW), which launched on Wednesday. During the launch, only traded FLOW tokens earned through staking were tradable. Customers who bought FLOW during the first coin offering (ICO) and also claimed their digital tokens via Kraken (last October) are reported to have been earning FLOW rewards and can now only trade those rewards.