Kraken Will Run a Chainlink Node

Kraken Will Run a Chainlink Node

By Abhimanyu Krishnan | News | 2 Feb 2021

Kraken will run a Chainlink (LINK) node to make its spot prices available to DeFi apps and developers, the exchange announced on Feb 1.

  • Kraken is running the Chainlink node to broadcast its spot prices to any blockchain, as well as provide users with authenticate data that verifiably originates from the exchange
  • The oracle can be used to provide data for derivatives contracts, lending applications, cross-border payments, stablecoins, automated asset management protocols
  • The decision to run a node was carried out in part due to the risk of price manipulation in the DeFi market, which has been experiencing a surge in both use and exploitation
  • Chainlink's CEO Sergey Nazarov had previously warned that flash loan attacks would increase if centralized price feeds continued to be used
  • Chainlink is the market’s leading oracle provider, providing its services to numerous projects and companies, including Polkadot (DOT), ZeppelinOS, Brave New Coin
  • The decentralized oracle service potential in several applications, such as DeFi, supply chains and enterprise systems, have helped propel Chainlink to the top of the DeFi market
  • The integration will boost Kraken’s reputation in the market, all the more important since it became the first exchange in the US to be approved as a bank in Sep. 2020

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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