GSR is a global leader in cryptocurrency market making and trading, and it specializes in offering trading, risk management, and liquidity solutions. GSR recently announced the launch of its data service via Chainlink and its operation with Chainlink Labs in order to generate new financial data services for Decentralised Finance or DeFi. As a leading public decentralized oracle network in the crypto blockchain space, Chainlink operates as a major blockchain middleware that enables current APIs to securely and seamlessly deliver information to on-chain apps.
Leveraging Chainlink will allow GSR to:
- Contribute exceedingly sophisticated asset pricing data to Chainlink’s DON (decentralized oracle network) to produce oracle reports which are tamper-resistant.
- Offer GSR reference price data for more than 100 cryptocurrency spot markets on-chain for instant use within the DeFi space and other similar smart contract apps.
- Create new and innovative data services for DeFi by collaborating with Chainlink Labs.
Software developers can now use the premium market analytics offered by GSR to support a wider variety of use cases of smart contracts that depend on aggregated data sources for crypto market data. It will eventually include futures and options products, prediction markets, yield farms, yield products, algorithmic stablecoins, and many more.
The GSR platform chose to offer market data by creating new data services using Chainlink as it is blockchain agnostic, secure, and uses future-proof technology. The GSR team will be able to connect to various leading blockchains as well as Layer-2 platforms through Chainlink and start distributing data, thereby allowing the platform to reach a wider market possible.
According to Trading Platform Engineering’s Co-head at GSR, Francisco Lopez, this collaboration with Chainlink will allow GSR to speed up the process of adopting trust-minimized financial apps through the use of premium quality market information and the development of new financial data products. GSR includes a future-proof technology that connects the platform’s data assets to other blockchain environments owing to Chainlink’s nature of being completely blockchain agnostic.
GSR is highly embedded in major sectors of the crypto ecosystem. It works with top crypto projects, funds, exchanges, miners, and financial institutions that are in the initial phase of their crypto journey. The trading technology offered by GSR is integrated with over 60 crypto trading venues while it trades more than $4 billion every day.
GSR is a leading crypto market maker, established in 2013, with around 220 employees operating in 10 countries. The GSR team specializes in offering liquidity, structured products, and risk management solutions to sophisticated investors around the world. The leadership team at GSR consists of veteran technology and finance executives from leading firms such as Citadel, Goldman Sachs, Two Sigma, and JP Morgan, and it has created the most robust and fastest crypto asset trading system in the world.
The reason why Chainlink is being leveraged by GSR is that it offers several critical features and functionality such as:
- Blockchain Agnostic – This means Chainlink data is available on any blockchain environment, be it at present or in the future.
- Credential Management – The Chainlink nodes can safely handle API keys and logins. This leads to a secure integration where Chainlink nodes can buy API subscriptions of GSR in a similar way that traditional users perform today.
- Widely Accepted – Chainlink is one of the most commonly used oracle networks in this industry, and it offers users access to a wide addressable market that includes potential consumers of data.
- Provably safe – Chainlink is rigorously audited, and it is open-source software that is designed based on top academic research and has proved to save billions in terms of value.
According to Chainlinks co-founder Sergey Navaroz, high-quality data is essential for the growth of a multi-chain ecosystem, and by launching the data service via Chainlink, Markets at GSR will be able to enjoy access to an ever-growing blockchain economy and aid in the innovation of smart contracts.
Established in 2017, Chainlink has become an industry standard for accessing, selling, and building oracle networks required to run a hybrid smart contract on the blockchain ecosystem. Oracle networks provided by Chainlink offer smart contracts that allow users to connect reliably to an external API as well as leverage off-chain computations, allowing applications to run with rich features. Currently, Chainlink secures billions of dollars in insurance, gaming, DeFi, and other notable industries. It also offers top data providers and global enterprises a standard universal gateway to blockchain networks.