Crypto.com (CRO) DeFi Wallet integrates Chainlink Oracles

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Last Updated on 15 September 2020 by CryptoTips.eu

Crypto payment processing platform Crypto.com integrated Chainlink’s decentralized oracles (LINK) with its non-custodial wallet as it looks to focus on Decentralized Finance. 

According to Crypto.com, Chainlink will provide price reference data for its DeFi wallet in its latest wallet update. Furthermore Crypto.com will provide its price data for CRO/ETH pairs and CRO/USD on the Chainlink network. 

For now, only DeFi tokens will be tracked by decentralized Chainlink oracles and Crypto.com plans to take it a step further and add this functionality to all tokens in its ecosystem. 

Crypto.com’s DeFi Wallet is a non-custodial wallet, which means the user has full control over their private keys. Thus, a Crypto.com account is not required to store, send and receive crypto-assets through this wallet.

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Chainlink, DeFi’s best ally

According to Kris Marszalek, Co-Founder and CEO of Crypto.com, this collaboration will go a long way to helping the platform achieve its ambitious DeFi goals. By integrating Chainlink’s price oracles, Marszalek believes it gives users more control over their money and data without needing to trust a central entity.

He said:

We are looking to design, deliver and rapidly develop DeFi portfolio powered by the CRO. Chainlink will help us decentralize and give our users more control to check where and how price data is received and used in Crypto.com’s DeFi Wallet.

Sergey Nazarov, the co-founder of Chainlink, said he was delighted to provide Crypto.com with a safe and reliable price source to help it improve the capabilities of its DeFi wallet:

By shifting key financial product processes like calculating interest rates and managing a portfolio to more transparent and decentralized alternatives, users receive even greater assurances that these services reflect the actual market conditions and are not subject to any form of human alteration.

Although Crypto.com is centralized, the platform has been developing decentralized alternative products for some time, with the aim of diversifying its offer and continuing its war against Binance.

Kris Marszalek concludes by pointing out that Crypto.com’s expansion into the DeFi industry is not driven by the desire to capitalize on its explosion. Rather, it asserts that full control of the user’s finances is a fundamental right.

Last week, Crypto.com launched DeFi Swap, its own token exchange protocol similar to Uniswap. Powered by the CRO token, DeFi Swap offers liquidity providers significant rewards to encourage them to contribute.

At the time of this writing, the platform has around $20 million in liquidity, with the vast majority being placed in the ETH and CRO pools.