This new Chainlink (LINK) custom oracle solution is bridging CeFi and DeFi PlatoBlockchain Data Intelligence. Vertical Search. Ai.

This new Chainlink (LINK) custom oracle solution is bridging CeFi and DeFi

This new Chainlink (LINK) custom oracle solution is bridging CeFi and DeFi PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Decentralized real-world asset lending protocol NAOS Finance today announced it would integrate decentralized oracle network Chainlink’s solution for financial assets in the primary and secondary markets.

“We’re excited to support NAOS in providing their users with tamper-proof data feeds, bringing more access to real-world financial data previously unavailable in the DeFi ecosystem,” stated Daniel Kochis, Head of Partnerships at Chainlink Labs, in the regard.

Kevin Tseng, Founder of NAOS Finance, added, “We have a long list of corporate borrowers looking to break away from their geographic constraints for funding, and are eager to work with Chainlink and NAOS to gain global exposure.

Chainlink is coming to NAOS

The custom-built oracle solution will bring credit agency, bank, insurance, government, and telecom network data on-chain, enabling smart contracts to interact with non-crypto financial assets.

NAOS lenders will have access to essential financial data such as cash flow/balance, profit margin, and interest coverage on the underlying assets. 

Additionally, borrowers will be able to build credit profiles on NAOS and have access to global capital at rates that are optimized for the same risk and reward profile. The initiative allows NAOS to truly decentralize the existing banking and credit rating infrastructures.

To illustrate, imagine a Bloomberg terminal for global SMEs that are isolated from the global economy and are only serviced by their regional banking partners. 

With the Chainlink deployment, NAOS lenders access the same financial data that was previously only available to a handful of privileged financial institutions. Funding partners will be able to leverage a global, more definitive source of truth in their decision-making. 

How oracles work

Oracles, for the uninitiated, are third-party services that fetch information from outside a blockchain to within it, enabling smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments.

Leading the market are Chainlink’s decentralized oracle networks, which provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Source: https://cryptoslate.com/this-new-chainlink-link-custom-oracle-solution-is-bridging-cefi-and-defi/

Time Stamp:

More from CryptoSlate