Chainlink oracles will now power Crypto.com's DeFi Wallet

Chainlink's famed decentralized price oracles will now provide data to Crypto.com's newest DeFi-focused product, as per an announcement on Monday.

A few days after Hong Kong-based crypto exchange and crypto card provider Crypto.com unveiled its DeFi Swap - a Uniswap fork and automated market maker - the firm onboarded Chainlink's oracles to provide data to all its listings.

For the uninitiated, oracles are third-party tools that fetch data from outside a blockchain to within, as the latter can store data immutably but not verify its authenticity.

In a blog post, Crypto.com said it had integrated Chainlink's Price Reference Data into the Crypto.com DeFi Wallet on its mainnet to provide decentralized price feeds for DeFi tokens.

The firm added it will first launch the decentralized price reference data feeds first for its own coin, the CRO, with two trading pairs - CRO/ETH and CRO/USD. While the DeFi Swap is a new product, Crypto.com launched its native DeFi Wallet earlier this year, allowing users to store their own private keys and access an open-marketplace based on the CRO token.

Now, with the integration of Chainlink's Price Reference Data, the firm said it ensures that "Users receive highly accurate and transparent prices for DeFi assets held within it."

"Chainlink will help us decentralize and give our users more control to verify where and how price data is received and used within the Crypto.com DeFi Wallet."

As per the release, all Chainlink Price Reference Data is secured by decentralized oracle networks made up of Sybil resistant node operators, which secure millions of dollars in similar protocols.

Each node sources data from high-quality off-chain data aggregators, which maintain strong volume-adjust market coverage across all trading environments.

With the verifiable price oracles using various data sources, instances like the above are avoided.