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New Change FX will provide Its premium benchmark data to DeFi through the Chainlink Network

Apr 14, 2021

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New Change FX (NCFX) is pleased to announce that we will be making our premium FX, precious metal, and crypto asset market data covering circa 2,300 currency pairs available on leading blockchains through the Chainlink Network. Using Chainlink’s large collection of secure node operators, smart contract developers can access NCFX’s live, regulated, independent benchmark and reference data and analytics directly on-chain when building applications and products in Decentralized Finance (DeFi)—a new parallel financial system running on top blockchains (on-chain) that provide transparent, openly accessible, and decentralized financial instruments.

The decision to transition to a blockchain data provider on the Chainlink Network should come as no surprise as DeFi markets are quickly expanding in value. Most DeFi products require high-quality financial data, and Chainlink is the industry leading oracle provider to DeFi. Getting our existing suite of APIs blockchain-enabled through Chainlink was quick and easy, requiring no changes to our existing API infrastructure. Thus, we are able to expose our data to emerging DeFi markets and support their growth, while also increasing our revenue as a data provider. 

Developers will be able to use the Chainlink Network to access our FX benchmark and reference rates and transaction cost analytics for traditional markets, precious metals, and crypto assets. We envision our data being used across decentralized finance (DeFi) applications to trigger actions within on-chain financial products like derivatives contracts, lending pools, insurance products, algorithmic stablecoins, automated trading strategies, and much more.


 

Using Chainlink as A Gateway to DeFi

NCFX is a regulated benchmark administrator and calculation agent that aggregates data from numerous wholesale market sources to generate highly accurate and hyper-reliable market data for FX, precious metals, and crypto assets. NCFX is the only FCA authorised administrator of live spot and forward FX benchmarks. Our benchmarks and reference rates are vendor and venue neutral, meaning they cannot be directly influenced or targeted, making them fair and objective for any use case by any market participant.

NCFX provides several products ranging from real-time official benchmarks, API analytics, transaction cost analysis, indices and benchmark applications. Coverage is continuous throughout the global trading week with data available on over 10,000 instruments across spot, forward, NDF and Cryptos in granularity to 50 millisecond intervals. Our benchmarks and reference data can be accessed in live and/or historic formats. Our clients cover all market sectors and geographies globally, including sovereign wealth funds, asset managers, and major corporations.

As a market-leading data provider, we wanted to expand our reach and support the rise of smart contract applications for DeFi within various blockchain networks. However, blockchains are purposely disconnected from the outside world, meaning smart contracts have no built-in capabilities for calling our API. Therefore, we required a secure blockchain middleware known as an oracle to bridge our existing API data into blockchain environments. 

After examining different oracle solutions, we identified Chainlink as offering the most secure, reliable, and time-tested oracle infrastructure in the industry. Chainlink is the industry standard oracle solution, with a plethora of traditional data providers and decentralized applications using it to buy, sell, and transfer data between one another. As a data provider, some of the important features of the Chainlink Network include: 

  • Credential Management – Chainlink nodes can securely manage API keys and account logins, leading to a seamless integration in which Chainlink nodes can purchase NCFX API subscriptions in the same manner that traditional API users do today.
  • Blockchain Agnostic – Chainlink is blockchain agnostic, meaning our data can be made available on any current or future blockchain environment.
  • Widely Adopted – Chainlink is the most widely used oracle network in the blockchain industry, offering us access to a vast addressable market of potential data consumers.
  • Provably Secure –  Chainlink is thoroughly audited open-source software designed according to leading academic research, already proven to secure billions of dollars in value live in production.

By becoming a Chainlink data provider, we are able to increase the amount of premium financial market data available to DeFi developers. On-chain financial products can use our data in various novel ways, including to issue loans, price synthetic asset swaps, trigger a portfolio rebalance, determine collateral ratios for stablecoins, and various other DeFi functions. We are excited to help power this new fair and open financial system. 

“Through our integration with the Chainlink Network, we now have a future-proof oracle solution that makes our data consumable in DeFi markets across leading blockchain environments,” stated Andy Woolmer, CEO of New Change FX. “Connecting our existing APIs to the Chainlink Network was an incredibly efficient process that required very little time and resource on our end, yet gave us access to a large new market segment that requires high-quality financial data to bring its users value.”

About Chainlink

Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.

Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter and follow @chainlink on Twitter.

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About New Change FX

New Change FX (NCFX) was founded in 2012 to bring better analytics to the FX industry and is headquartered in London, UK. Over the last 9 years, the business has grown into a data and analytics business delivering high-quality data to the FX market place. NCFX’s analytics have evolved to be market leading and the company’s data is widely embedded in efficient trading processes. NCFX’s goal is to support the ambitions of global regulators in informing and improving the execution outcomes for buy-side firms trading FX, and equally for sell-side firms to assist in this process and improve their own trading experiences.