Prominent cryptocurrency exchange, Huobi recently revealed its partnership with the crypto platform Chainlink. While this collaboration is expected to boost the DeFi space, the price movement of the LINK token hasn’t experienced significant variation.
Huobi Becomes First Exchange To Run Chainlink Node
The cryptocurrency industry has been witnessing several partnerships, within the ecosystem as well as on the outside. In more recent updates, the cryptocurrency exchange, Huobi revealed that it has partnered with the Chainlink network. The cryptocurrency exchange took to Twitter to share the announcement with the community. The tweet read,
By teaming up with @chainlink, Huobi Wallet will be a data provider and a node operator. Smart contracts developers can use Chainlink oracles to access @HuobiGlobal 's price data with extensive liquidity. https://t.co/0mMNBbaqm0
— HuobiWallet (@HuobiWallet) July 3, 2020
The Huobi Wallet would be offering price data by leveraging Chainlink’s external adaptors. The price pairs offered in the first batch includes BTC/ETH, BTC/USDT, ETH/USDT, and LINK/ETH. However, several other pairs will reportedly be out soon.
Apart from this, the platform declared that it would run a Chainlink node, which would make Huobi the first cryptocurrency exchange to do so. Chainlink already has a stronghold with regard to oracles and is used in other blockchains including Cosmos, Polkadot as well as Tezos. Speaking about its latest collaboration with Huobi, the Co-founder of Chainlink, Sergey Nazarov said,
“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.”
Furthermore, in the blog post, the cryptocurrency exchange highlighted that integrating Chainlink into Huobi would fuel the DeFi space. Since an external adapter would be rolled out for the Huobi Global Exchange API, the platform believes that an array of DeFi projects would be able to obtain Huobi’s price data. As people would be given the opportunity to utilize the information provided by Huobi, the exchange considers this to be a huge leap in favor of the DeFi space.
Additionally, Will Huang, the CEO of Huobi Wallet highlighted the importance of the integration of Chainlink and suggested that the exchange intends to stimulate the growth of the DeFi space. Huang added,
“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.”
Huang believes that this collaboration could even take the decentralized finance space into the next step in its evolution.
ChainLink’s [LINK] Price
While previous partnerships have caused massive surges in the prices of cryptocurrencies. The latest news of Huobi and ChainLink seemed to have had very little impact on the coin’s price. At the time of writing, the coin was trading at $4.87 with a 2.3 percent rise in its price.