Spartan Hill Fintech announced its merger Chainlink Price Brief To help operate a new decentralized stablecoin for the Colombian Peso called the Daily (DLY), Cryptoslite I learned in a statement.
The team will curate and use a new Chainlink price feed for COP-USD to accurately and securely calculate the value of the crypto collateral used to mint/copy the new DLY stablecoins.
“We chose Chainlink because it is the most widely used and time-tested oracle network in the blockchain industry, helping to secure tens of billions of dollars in value for the best decentralized finance (DeFi) protocols,” Spartan Hill noted in a statement. “Chainlink Price Feeds provide high-quality, on-chain price data with extensive market coverage and robust oracle infrastructure, building robust protection against disruption and price inaccuracies across a single or 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 expand the capabilities of smart contracts on any blockchain.
Why Chain Link?
Spartan Hill is a South American FinTech platform that offers a comprehensive investment portfolio in cryptocurrency and other markets. It recently launched Pluto, a point of sale solution that allows users to pay directly for goods with cryptocurrencies – most notably Bitcoin, Ethereum, and USDT.
By building DLY, Spartan Hill offers a local decentralized stablecoin in South America pegged to the Colombian Peso. DLY will create an easily accessible digital asset for users across the continent who are looking for stable crypto payments or stable collateral within DeFi protocols such as money markets.
The company said it chose Chainlink Price Feeds because it was optimized around several important features, such as high-quality data, secure node operators, a decentralized network, and strong on-chain reputation.
“Chainlink Price Feeds are the perfect solution to support the upcoming launch of DLY as they are rigorously tested in production and backed by enterprise-grade data quality and infrastructure security,” Spartan Hill Chief Information Officer Cesar Marroquin explained in a statement.
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