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BNC collaborates Chainlink to aid institutional clients with sophisticated crypto-tools
Brave New Coin (BNC), a leading provider of high-value cryptocurrency market data, has announced that its data integration with Chainlink, a decentralized oracle network that connects smart contracts with real-world data, is facilitating new applications across complex financial and legal instruments to meet growing demand from institutions and enterprise.
The incorporation of BNC data to the Chainlink network provides greater accuracy and reduced risk for financial actors and legal professionals by offering up-to-date, real-time crypto-fiat conversion rates at the point of settlement.
Fran Strajnar, Founder and CEO of Brave New Coin, said: “A number of institutions are showing an interest in creating crypto derivatives in the place of traditional financial instruments. We are working with Chainlink to provide the institutional-grade market data necessary to create the flexible tools expected by major financial service providers, international businesses, and law firms before they enter the crypto sphere. These are the type of mature, real-world applications necessary if blockchain is to break into the mainstream to meet growing demand from institutions and enterprises.”
Sergey Nazarov, CEO of Chainlink, mentioned that “Chainlink provides on- and off-chain information to some of the most innovative FinTech and Smart Contracts platforms within the global blockchain ecosystem. Our incorporation of BNC’s market data will assist us in our mission to accelerate blockchain adoption in traditional industries, including the legal and wealth management sectors. We are confident that our data collaboration with BNC will catalyse a new era of smart contract applications. Asset managers and investors can expect near-term introduction of decentralized cryptocurrency derivatives and legal contract, which offer enhanced flexibility and security for market participants.”
The use of integrated BNC data in the legal and crypto derivatives sectors marks one of the first real-world initiatives to advance the development of application-ready, highly-responsive smart contracts as the result of a strategic partnership between the industry leaders formed earlier this year.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -81 levels (which is bearish), hourly USD spot index was at 110 (bullish), while articulating (at 12:03 GMT).
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