Cryptocurrency Exchange

A partnership between Synthetix Exchange and Chainlink Will Lead to Opening of New Markets

partnership

After Naka Chain, Celer Network and Katallassos, Synthetix have become the fourth company to partner with Chainlink. Yep, that is how popular, and fast-growing Chainlink- the leading Oracle network company is. This partnership between Synthetix Trading platform and Chainlink will open new customer base for Synthetix Exchange. This news was announced on Synthetix Exchange’s official blog. The announcement opened as-

Synths are synthetic assets that are supported by cryptos. They are used to estimate the value of underlying assets. Without holding the asset, they further allow the user to know about it. On this Kain Warwick- the founder of the trading platform- Synthetix expressed his excitement for the partnership while highlighting at the efficiency of Chainlink and its potential to act as a building block for the future growth of the company in the data sector on an international level. He said-

The partnership is:

“an important step for both decentralization and interoperability within the Ethereum ecosystem. Integrating with Chainlink will allow Synthetix to continue to execute on its path towards greater decentralization through user participation.”

The benefit of embracing the decentralized oracle allows companies to build access to the off chain information, feeds and other data, wit it the companies can set up the Web APIs. Further, the decentralized oracle also helps in setting up smart contracts. Looking at Chainlink’s growth graph- since the company has ventured into the market, it been serving various companies with great features such as- security, efficiency, and trustless oracle data. No wonder it is gradually becoming the hot choice. Independent research companies such as Gartner among others have named the blockchain oracle as the most promising and most innovative projects currently present in the industry.

More from Synthetix-

Recently the trading platform was in the news for launching its first synthetic Bitcoin- ‘sBitcoin’ on Ethereum Blockchain. This launch has made the users to get their hands on noncustodial exposure to Bitcoin. This feature frees the user from trusting any institution or placing their faith on any sort of protocol to any crypto asset. The launch also included other synthetic assets such as silver and a variety of fiat currencies. On this, the founder of the trading platform expressed his views when he said-

“Ethereum still does not have a programmable synthetic Bitcoin as an ERC20 token without major liquidity restrictions or custodial risk, so sBTC is providing real utility. It is an example of the benefits of the flexibility of a distributed collateral pool of cryptoassets, which will allow us to continue to offer new trading possibilities not offered anywhere else.”

Event Information
Event Information