Cryptocurrency News, Trends, and Finance Insights

BX Digital aims to use Chainlink’s technology to securely publish and distribute securities closing price data on-chain.
Following the announcement, the LINK price rose 2.80%, trading at $26.10, eyeing a breakout above $27 and a further rally to $32.

In the latest development, Chainlink has partnered with Boerse Stuttgart Group subsidiaries – BX Digital and BX Swiss – in order to integrate Swiss equity pricing data on-chain. As part of this collaboration, the two groups will leverage Chainlink’s industry-leading on-chain finance infrastructure, offering reliable and secure access to critical pricing information for Swiss-based equities.

BX Digital Moves Swiss Equity Pricing Data Onchain with Chainlink

Earlier today, BX Digital announced the successful deployment of its data solution on testnet, supported by the technical expertise and systems infrastructure of BX Swiss. After transitioning to the mainnet, BX Digital will leverage the Chainlink technology to publish and distribute securities closing price data on-chain securely.

As part of its mission to create a transparent and liquid digital asset market in Switzerland, BX Digital will be implementing a Delivery vs. Payment (DvP) Settlement System based on Ethereum blockchain technology. Furthermore, by using Chainlink’s decentralized data standard, BX Digital ensures that securities market prices are accurately reported on-chain in a verifiable and secure manner. Using Chainlink standards, Turkey is also exploring tokenized securities, as we discussed earlier.

This advancement will not only bolster the integrity of secure financial data but will also bring efficiency and security into digital asset trading. This would benefit both – the equity issuers and investors in the Swiss market. Speaking on the development, Andreas Ruflin, Chief Digital Officer at BX Digital, said:

While asset tokenization can unlock major efficiencies, industry participants trading digital assets on BX Digital will not only benefit from secondary market liquidity and price discovery but will also have access to reliable on-chain market data. We believe that the Chainlink standard for verifiable data plays a crucial role in accelerating both the pace and security of asset tokenization, secondary market trading, and settlement.

LINK Price Bounce Back, $50 Target Ahead?

Following the announcement, the Chainlink (LINK) price has bounced back and is up 2.80% at press time, trading at $26.10. On the upside, $27 remains as the immediate resistance crossing which, LINK can set the stage for a rally to $50 and beyond, as previously mentioned in our news article.

A bullish breakout above the $27.14 resistance level, identified by trend-based Fibonacci indicators, could drive the price toward the 61.80% Fibonacci level at $32.03, offering an upside potential of around 32%.

Prominent cryptocurrency analyst Ali Martinez has spotlighted a bullish breakout for Chainlink (LINK), predicting the token could rally to $50. “Chainlink (LINK) is in the middle of a bullish breakout, targeting $50!” Martinez stated in a recent update.