Crypto.com has selected Chainlink as the recommended oracle solution for its EVM-compatible Cronos blockchain, the companies said in a press release shared with The Chain Bulletin on 28 July.
According to the announcement, once Chainlink’s Price Feeds are integrated with Cronos, DeFi app developers will finally be able to connect to the “most time-tested and reliable” price oracles. The Price Feeds will further unlock additional use cases on Cronos, such as settling futures and options contracts at expiry, establishing exchange rates for tokenized assets, checking limit order conditions, and more. The CEO and co-founder of Crypto.com, Kris Marszalek, said in a statement:
“Our goal is to provide full-spectrum support for all projects built on Cronos. Chainlink has always been a trusted partner for provisioning secure and reliable decentralised oracle networks and the integration will benefit DApps that need oracles, especially price feeds, to function.”
Built upon Ethermint — a Cosmos SDK development framework for scalable Proof-of-Stake blockchains — Cronos is an EVM-compatible chain that will run in parallel to the Crypto.org Chain. Its aim is to scale the DeFi ecosystem by enabling developers to rapidly port apps from Ethereum and other EVM-compatible chains. Cronos launched its testnet last week — which is supposed to gather suggestions on how the network can be strengthened — and is currently onboarding projects.
One of the reasons behind Crypto.com’s choice is that Chainlink has already proven itself as one of the most reliable decentralised price oracles in the industry, and is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy. Its price feeds are not only used to secure tens of billions if dollars in DeFi projects, but also by Crypto.com’s DeFi wallet.