SGX FX Partners With Chainlink to Bring OTC Foreign Exchange Data Onchain

The announcement says SGX FX will work with Chainlink (blockchain data network) to deliver premium over-the-counter foreign exchange market data to blockchain-based applications.

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Summary

SGX FX announced a partnership with Chainlink (blockchain data network) to provide premium over-the-counter foreign exchange market data onchain (published to blockchain networks). The update indicates that institutional-grade FX pricing from the OTC market will be made available for blockchain use cases, a move that can support smart contract (self-executing blockchain code) applications requiring external market data. Bringing established foreign exchange data onchain can help expand links between traditional financial markets and decentralized blockchain infrastructure.

Terms & Concepts
  • Onchain: Data or activity recorded and made accessible on a blockchain network rather than kept only in off-chain systems.
  • OTC foreign exchange: Over-the-counter currency trading conducted directly between counterparties instead of on a centralized exchange.
  • Smart contract: Self-executing blockchain code that automatically carries out actions when preset conditions are met.