Capital markets News

TP ICAP to provide FX data to public blockchain via Chainlink


Today Chainlink Labs announced TP ICAP data subsidiary Parameta Solutions will provide forex data to public blockchains via the Chainlink decentralized oracle network. Oracles enable public blockchain smart contracts to access data that is external to the blockchain network. 

We’ve asked whether the Parameta business model is for Chainlink Labs to pay for the data or smart contract developers, but we didn’t receive a response in time for publication.

“The innovation of blockchains and cryptocurrencies has catalysed a whole new breed of distributed systems that need access to reliable real-world information, and Chainlink is currently the leading oracle service provider for the on-chain ecosystem,” said Rhys Spencer, Head of APAC Sales of Parameta Solutions. “Parameta Solutions recognises this global requirement and is well positioned to be part of what could be a generational upgrade to market infrastructure and data solutions.”

In December, TP ICAP received FCA approval for its new UK crypto exchange, Fusion Digital Assets, which is targeting institutional participants. 

Meanwhile, Chainlink has several big name organizations providing data for web3 solutions, such as a Lexis Nexis feed of flight data for parametric insurance. Nodes are hosted by Swisscom’s Digital Asset division and Deutsche Telekom’s T-Systems MMS.

Apart from its decentralized oracle network, Chainlink has its Chain Intereoperbaiity Protocol which aims to provide a messaging interface so smart contracts can interact across different blockchains. SWIFT is working with Chainlink Labs on an interoperability proof of concept. The exploration is in the context of the tokenization of equities and bonds.

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