FinTech company Spartan Hill announced that they are integrating Chainlink’s price feed to help power a new decentralized Colombian Peso stablecoin called Daily (DLY), livetechit learned in a release.
The team will fund and use the new Chainlink Price Feed for COP-USD to accurately and securely calculate the value of crypto collateral used to mint/burn new DLY stablecoins.
Spartan Hill noted in a statement: “We chose Chainlink because it is the blockchain industry’s most widely used and time-tested oracle network, helping to secure tens of billions of dollars in value. value for leading decentralized finance (DeFi) protocols,” Spartan Hill noted in a statement. “Chainlink price feeds provide high-quality on-chain price data with broad market coverage and robust underlying oracle infrastructure, establishing robust protections against time downtime and price inaccuracies on one or a small group of exchanges.”
Chainlink is a decentralized oracle network that powers hybrid smart contracts, providing developers with the largest collection of high-quality data sources and secure off-chain computations. to extend the capabilities of smart contracts on any blockchain.
Why use Chainlink?
Spartan Hill is a FinTech platform based in South America that offers a comprehensive portfolio in cryptocurrencies and other markets. It recently launched Pluto, a point of sale solution that allows users to directly pay for goods with cryptocurrencies — most notably Bitcoin, Ethereum, and USDT.
Through the construction of DLY, Spartan Hill is introducing a native decentralized stablecoin into South America pegged to the Colombian Peso. DLY will establish an easily accessible digital asset for users across the continent looking for stable crypto payments or stable collateral in DeFi protocols like money markets .
The company says it chose Chainlink Price Feeds because they are optimized around several important features, such as high-quality data, secure node operators, decentralized networks, and reputations strong on the chain.
Cesar Marroquin, CEO of Spartan Hill explains: “Chainlink price feeds are the ideal solution to support the upcoming launch of DLY as they are thoroughly tested over time during production. and backed by enterprise-grade data quality and infrastructure security,” explains Cesar Marroquin, CEO of Spartan Hill.
Advertisement: Margin up to 20x on FTX.
Get one sharp tongue on the cryptocurrency market
Access more crypto details and context in each article as a paid member of livetechit Edge.
Join now for $19/month Discover all the benefits
Like what you see? Sign up for updates.