On Monday, June 13, Elwood Technologies, an institutional digital asset platform, announced its integration, via Chainlink (CRYPTO: LINK), to deliver cryptocurrency market data to blockchains.
What Happened: Elwood Technologies is a platform delivering institutional-standard access to liquidity venues and virtual asset markets. Its Series A funding round, led by Goldman Sachs (NYSE: NYSE:GS) and Dawn Capital, raised $70 million.
The company's recent announcement reveals that it will be using Chainlink, a blockchain middleware solution, to bring Web 3.0 market analytics and data into smart contracts on the Ethereum (CRYPTO: ETH) blockchain. This integration facilitates blockchain developers to use decentralized and aggregated price data feeds, such as futures and options products, prediction markets, and others.
Company officials say that via Chainlink, Elwood technologies is able to provide valuation services to the virtual assets market in an effective way. Yaser Jazouane, Head of Data Products at Chainlink Labs, says, “By making its aggregated pricing data offerings available through Chainlink, Elwood is able to play a critical role in helping expand the smart contract economy by enhancing the accuracy and security of DeFi applications.”
Also Read: Ethereum 'Difficulty Bomb' Delayed: What You Need To Know
Why It's Important: Elwood Technologies is able to produce tamper-resistant oracle reports, by funneling wide asset pricing data into Chainlink decentralized oracle networks. This is significant as Chainlink stands as the biggest decentralized oracle network. Thus, it provides Elwood access to a market of applications, with over 2 billion data points circulated.
As to why he chose Chainlink over other alternative oracle networks, James Stickland, CEO of Elwood Technologies said, "Chainlink is one of the market leaders in oracle services with a broad customer base and a compelling technology platform. In addition, their track record of providing quality data made them an excellent choice as a partner."
Chainlink’s wide range of adoption, tested security, and ability to provide data across any blockchain empowers Elwood’s endeavors, by providing universality across networks and invulnerability.
Furthermore, when asked if this is the start to ventures with other oracle networks, Stickland said,"Yes. Elwood provides data from our ecosystem to a broad group of institutional clients, and we expect to bring additional value-add services to our customers to complement our trading platform."
Thus, with the oversight of experienced investment professionals and blockchain experts, Elwood Technologies looks to present global data analytics, comprising over 160 billion data points, into the landscape of digital assets.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.