Twelve Data, a premium financial market data provider, is going to run its own Chainlink oracle node to provide smart contracts with premium financial market data.
Twelve Data announced the news in a blog post on Monday, January 11. By operating its own oracle node, the data provider will supply smart contracts across blockchain networks with high-quality data on stocks, forex, crypto, and other financial assets.
According to Twelve Data, the move is to evolve with the rise of decentralized finance (DeFi), where it sees a growing on-chain demand for premium financial market data. The company has not a strong involvement in the blockchain industry and running a Chainlink node will provide it an ideal opportunity to expand our operation into these new blockchain markets.
Twelve Data is a Singapore-based leading data aggregation firm that compiles financial market data for a wide range of asset classes including stocks, forex, crypto, ETFs, and indices, generating high-quality reference data. The company’s financial data covers hundreds of traditional and cryptocurrency exchanges, comes in a wide variety of data formats including JSON and CSV, and can be queried in under 170ms on average.
Running a Chainlink node will enable the firm to provide this premium financial market data to developers across any blockchain environment. Through APIs, web sockets, SDKs, and other easy to use tooling, the firm will provide data developers need to build a successful trading system, fintech product, or research project. The company claims that its “APIs are institutional grade and are already trusted by the largest financial firms in the world, averaging 700M API requests a day for 80k+ financial assets.”
According to Twelve data, after reviewing numerous oracle solutions, it found Chainlink to be the most secure, reliable, and flexible solution on the market, while at the same time providing us the largest collection of users to sell data to. This will allow the firm to help grow the DeFi ecosystem as a whole and a perfect opportunity to expand its user base.
Twelve Data’s team concluded:
“Joining the Chainlink Network as a node operator empowers us to provide developers building DeFi applications on a variety of blockchains with access to our highly refined premium financial datasets. Additionally, the ability for Chainlink oracle nodes to cryptographically sign data serves to bootstrap additional security guarantees on our data, ensuring it can be trusted to automate value exchange between users on the blockchain.”
If you found this article interesting, here you can find more Chainlink News