Huobi Wallet, a noncustodial, multi-currency wallet app from Huobi, will be integrated with Chainlink to make its price data available to smart contracts.
Huobi Wallet announced the news in a blog post published on Friday, July 3. According to the announcement, it will be a two-part integration with Chainlink that will see Huobi leveraging “Chainlink’s external adapters to make the Huobi exchange API available to smart contracts.”
Initially, the price for BTC/ETH, BTC/USDT, ETH/USDT, and LINK/ETH will be available to developers. Huobi said that it would gradually add more pairs.
The exchange will make use of Chainlink’s oracles to offer exchange data to smart contracts. This integration will allow a wider range of DeFi projects to access prices from a world-leading cryptocurrency exchange. Huobi said that this trusted data can help developers more innovative products for lending, borrowing, derivatives, and more.
Taking a step further, Huobi Global is also running a Chainlink node by itself making it the first cryptocurrency exchange to do so. The announcement reads:
“Additionally, by running a Chainlink Node, Huobi will be able to sign its own price data, bringing additional guarantees to its integrity. Users can be assured that if the Huobi’s Exchange data came from the Huobi Node that it is indeed authentic and direct from the source.”
Huobi said that the integration with Chainlink is in line with its mission to support the DeFi ecosystem, which is the fastest-growing market in the crypto world, with a total market cap of 2 billion USD. Will Huang, CEO of Huobi Wallet, commented:
“DeFi offers a unique value proposition of providing financial products that are transparent, open, and programmable. We are very excited to accelerate our involvement in this emerging trend by providing Chainlink users access to Huobi Global exchange data, as well as running our own Chainlink Node. We want to accelerate the growth of DeFi, and we feel that supporting Chainlink’s critical oracle services are key to enabling DeFi to take the next step in its evolution.”
Chainlink, based in Grand Cayman, Cayman Islands connects smart contracts real-world data, events, and payment by providing reliable tamper-proof inputs and outputs for any blockchain. Chainlink sits between blockchain and smart contracts to provide the required end-to-end reliability. Several companies are providing their data to Chainlink oracles including Binance, Google Cloud Platform, Synthetix, and Offchain Labs.
Most recently, as reported, a Chinese state-backed alliance Blockchain Services Network (BSN) is also integrating Chainlink data oracles to its platform to provide access to real-world data to applications built on BSN.
Sergey Nazarov, Co-founder of Chainlink, about this integration, stated:
“We’re excited to help Huobi make it’s exchange data available to the DeFi market, both by onboarding them as a Chainlink node operator and using Chainlink external adapters to make the Huobi exchange API accessible to smart contracts.”
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