stablex Snaps Up Chainlink Tokens to boost Stablecoin Infrastructure
StableX Technologies, a Nasdaq-listed firm, has made a significant move in the crypto world. On October 16, the company announced its acquisition of Chainlink (LINK) tokens. This purchase is part of a $100 million strategy aimed at acquiring tokens that support the stablecoin ecosystem.
Chainlink is crucial for stablecoins, as it provides essential services like real-time data and proof-of-reserve verification. Thes features help stablecoins stay tied to their underlying assets. James Altucher, StableX’s Digital Treasury Asset Manager, said, “Chainlink is vital for the growth of stablecoins. It powers critical functions such as price feeds and reserve verification for top stablecoins like USDT and USDC.
Chainlink’s role in the DeFi space is undeniable.It ensures stablecoins remain stable by offering real-time data. This data helps maintain the value of stablecoins across various DeFi protocols. The company’s partnerships with big names like Swift, UBS, and S&P add to its credibility. With a 68% share in the decentralized oracle market, Chainlink was a strategic buy for StableX.
This is StableX’s second major crypto asset purchase. Earlier, it invested in FLUID tokens.The company believes these acquisitions will strengthen its position in the stablecoin market.
StableX did not reveal the exact number of Chainlink tokens it acquired. Though, this move shows its commitment to building a pure-play portfolio dedicated to stablecoins.
