dxFeed, a financial industry market data and solutions provider, announced on Friday the launch of its Chainlink oracle node on the mainnet. This will enable the platform to offer premium financial market data directly on the blockchain network.

The press release shared with Finance Magnates detailed that dxFeed will target developers and dApps to sell the market data on the blockchain.

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Chainlink offers data oracles that bridge the gap between the traditional financial world and the decade-old blockchain ecosystem. Demand for its services skyrocketed in recent years with the boom in decentralized finance (DeFi).

Commenting on the development, dxFeed Managing Director, Dmitrii Parilov said: “After seeing the exponential growth of the DeFi economy, now was the perfect time to launch our own Chainlink node as a means of directly monetizing our ever-expanding collection of premium data. Chainlink allowed us to quickly expose our API data to smart contract applications, providing us with both a bridge to leading blockchain networks and a way to prove the integrity of our data by signing it at the origin. This ultimately empowers the creation of a next generation of decentralized financial products based directly on high-quality data inputs from top data providers like dxFeed.”

Demand for Data is Going Up

dxFeed is specializing in providing data on equity options, equities, futures, indices, mutual funds and FX from multiple exchanges worldwide. It is a subsidiary of trading technology provider, Devexperts.

With an increase in the demand for market data, dxFeed witnessed a 33 percent increase in its 2020 revenue.

“We’re excited to see the launch of the dxFeed Chainlink node on mainnet, providing smart contract developers with a wide variety of premium financial data across numerous different assets and indicators. This enables the development of many new and exotic DeFi applications, further supporting the provisioning of a new decentralized financial system,” said Daniel Kochis, Head of business development at Chainlink.