Kraken to run its own Chainlink node to provide price data to DeFi apps

Crypto exchange Kraken announced Monday that it will run its own Chainlink node to provide spot price data to decentralized finance (DeFi) applications and others.

"Running our own Chainlink node will not only provide us with a mechanism to broadcast our Oracle Rates on any blockchain, but we can leverage Chainlink's built-in cryptographic signing capabilities to provide users with definitive on-chain proof of that data originating directly from Kraken," said the exchange.

Put simply, Kraken will aggregate pricing data from its order books and make it available on-chain for DeFi apps and other usages. The move is aimed at increasing transparency and reducing price manipulation.

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"Given the growth of DeFi and the need for high-quality data feeds to keep it secure, we're excited to make our exchange data spot prices available to DeFi developers through our own Chainlink node," said Jeremy Welch, Kraken's VP of product.

Kraken said its spot prices are updated every minute and can help obtain "real-time" data for various DeFi apps, including trading and lending protocols.

With today's news, Kraken has become one of a few major exchanges to run Chainlink nodes, besides Huobi and others.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.