TP ICAP joins Chainlink network as FX data provider

abdelaziz Fathi

UK interdealer broker TP ICAP has joined the Chainlink network as it aims to bring its proprietary foreign exchange market data to the popular blockchain ecosystem.

Chainlink offers price feeds and other data through its oracle network, which can help Web3 developers get projects off the ground faster. Parameta Solutions, TP ICAP’s data and analytics division, supports more than 960 pairs, whose market data will be contributed to Chainlink decentralized oracle networks (DONs).

The alliance covers TP ICAP’s OTC content, as well as insights across price discovery, risk management, benchmark and indices and pre-and post-trade data. That would help accelerate the adoption of data services in Web3 by leveraging the benefits of Chainlink’s infrastructure and community reach. The post-trade offering also aims to help Chainlink participants control counterparty and regulatory risks using balance sheet exposure management tools, with compression and optimisation services.

With over 800,000 active users, Chainlink has several critical features that make it the most attractive solution for Web3 applications. Since inception, the most widely used oracle network has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries.

With over 5 billion data points already delivered to prominent applications through aggregated Chainlink Price Feeds, TP ICAP’s forex pricing data can play an important role in helping to cultivate a healthy digital asset ecosystem.

“Historically, Web3 innovation has been fueled by the introduction of high-quality market data from premium data providers such as TP ICAP. The addition of TP ICAP’s institutional-grade forex pricing data to Chainlink helps enhance the security, accuracy, and utility of blockchain applications,” said Yaser Jazouane, Head of Data Products at Chainlink Labs.

“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,” added 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.”

Earlier in December, TP ICAP’s wholesale marketplace for spot digital assets, Fusion Digital Assets, has recently registered as a crypto exchange provider with the UK’s Financial Conduct Authority (FCA). The institutional-only trading venue is operated by London-based broker Tullett Prebon (Europe) Limited.

TP ICAP has jumped into the crypto space in 2021 with plans to set up a wholesale cryptocurrency trading platform together with Flow Traders and two digital asset custodians, Fidelity Digital Assets and Zodia Custody.

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