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Chainlink (LINK), the crypto project that revolutionized the way smart contracts work by creating a network of decentralized oracles that deliver off-chain data to the blockchain, recently hinted at a further increase in data quality. The project noted that it got a new data provider for its network — a company called Two Sigma Securities.
With Two Sigma Securities joining the project, Chainlink will be able to boost data quality across all the blockchains it services, and help power innovation in digital asset markets.
Two Sigma Securities (@twosigma) is now a data provider on the Chainlink Network.
Chainlink helps the systematic liquidity provider supply premium market data to smart contracts on multiple blockchains, helping power innovation in digital asset markets.https://t.co/2cCGnnk1zl pic.twitter.com/R9AlI37JB6
— Chainlink (@chainlink) October 5, 2022
How will Two Sigma Securities contribute to Chainlink’s mission?
Two Sigma Securities is a financial sciences company that combines data analysis, innovation, and rigorous inquiry to solve major challenges across financial services. Meanwhile, Chainlink itself is considered the industry-standard Web3 services platform, which constantly seeks to increase its reach and improve its services.
Twi Sigma Securities will contribute its high-quality proprietary data to Chainlink’s oracle networks and allow it to generate tamper-resistant oracle reports, according to the project’s press release.
As for Web3 developers, they will be able to use Two Sigma’s premium market data and support a wide range of smart contracts, granting them new use cases that were previously difficult, or even impossible to offer without specific aggregation of data sources for financial market data. Of course, Chainlink will still keep its role as a data delivery service, but by using it, Two Sigma Securities will be able to contribute to all the projects and developers who are creating the building blocks of the new decentralized financial market infrastructure. More than that, it will allow for the creation of risk-novel management applications on pretty much any chain and L2 network out there.
Two Sigma Securities’ CEO, Chris Marty, commented on the new development by saying that the company is looking forward to working with Chainlink and using its network to deliver its proprietary data, which will support the DeFi infrastructure. Marty added that Two Sigma operates as both a data provider and a market maker, which is why it can play an important role in cultivating a healthy digital asset ecosystem. The company is excited about the opportunity, as well as by the value digital assets can deliver to a broader financial market as it continues to evolve.
Chainlink Labs’ Head of Data Products, Yaser Jazouane, also commented on the move, noting that the DeFi ecosystem’s growth and long-term success depend on deep quantitive expertise in producing highly accurate price data. As such, Two Sigma will play a critical role in helping to increase the adoption of cryptographic guarantees in risk management and financial agreements.
To learn more about Chainlink, visit our Investing in Chainlink guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.