LCX and Chainlink have partnered to provide transparent and verifiable reference price services for decentralized finance applications (DeFi) and the token economy.
LCX has developed its own proprietary data generation methodology and as a data-provider will publish its reference prices and accompanying methodology on the blockchain using Chainlink’s decentralized price oracle technology. This combined framework will give institutional entities access to secure, reliable, transparent, and compliant blockchain-based price feeds.
LCX will become a Data Provider to the Chainlink network to provide reliable daily reference prices for digital assets. Cryptocurrency reference rates are often used as the basis for daily exchange rates in traditional transactional platforms and decentralized financial (DeFi) applications, as well as to assign valuation to assets in corporate financial statements, tax returns, statistical reports, digital assets analyses, and more.
LCX is headquartered in Vaduz, Liechtenstein, a reputable international financial center that has introduced a legal framework for blockchain companies, referred to as the “Blockchain Act”. LCX has launched the LCX Cryptocurrency Reference Price Services, which provides a credible daily reference price to the marketplace and enhances market participants’ risk management of digital assets. LCX Cryptocurrency Reference Price Services are designed to help accelerate the professionalization of digital asset trading.