- The partnership is focused on developing Decentralized Finance (DeFi) industry.
- Chainlink (LINK) is growing in sync with the rest of the market.
Binance announced a partnership with Chainlink that will allow the cryptocurrency exchange to transmit its data to smart contracts platforms
This partnership comes along the initiative to support the development of Decentralized Finance (DeFi) by making the cryptocurrency data available on various blockchains through a collaboration with Chainlink.
DeFi protocols use smart-contracts to create a decentralized infrastructure for financial applications.
“At Binance, we are committed to growing the blockchain ecosystem. We support the development of Decentralized Finance as an important part of the ecosystem. Binance works with many blockchain projects, including Chainlink, to bring freedom of money everywhere, and through the help of Binance data and Chainlink’s network, we can help accelerate the growth of DeFi,” said Binance CEO CZ (Changpeng Zhao) in the official press-release.
He believes that the reliability of data is vital for smart contracts. Unreliable data will cause an inevitable failure, no matter how well thee smart-contract code is written. Thus, DeFi developers should have an access to the trustworthy data via secure oracles provided by Chainlink, he added.
Chainlink (LINK). now the 15th largest digital asset with the current market value of $990 million, has gained nearly 4% of its value to trade at $2.83 at the time of writing. Looking technically, the next strong resistance is located on approach to psychological $3.00. We will need to see a sustainable move above this handle for the upside to gain traction. The initial support is seen at $2.50.
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