Despite the selling pressure visible at the time of writing, Chainlink has proven to be one of the largest decentralized finance [DeFi] projects in terms of its market capitalization of $14.10 billion. Given its standing in the market and strong fundamentals, overall adoption has also been on a rise.
Recently, Danal Fintech, a virtual asset payment service provider announced using Chainlink oracles in commercializing Bitcoin payments in South Korea. It will be leveraging the Paycoin wallet, while the oracles will provide access to real-time market prices when converting Bitcoin to Paycoin’s digital currency, PCI.
Danal has been one of the largest payment gateways in South Korea and it launched the blockchain-based virtual asset payment service with Paycoin in April 2019. As the Chainlink oracles get integrated with this service, they will be available to over 60,000 merchants in the country.
The announcement noted:
“Throughout the exchange process, we will use Chainlink oracles to ensure an accurate market price for our users. From Paycoin’s perspective, using Chainlink Price Oracles is extremely important as it provides high transparency and precision in generating a global market price, which is aggregated from across hundreds of exchanges and weighted by volume.”
The oracle will expand the list of payment currencies on Paycoin. This will now include the second-largest crypto, Ethereum along with other digital assets.
Following Danal, DuckDAO, a community-backed digital asset incubator also announced a collaboration with Chainlink to accelerate the development of DeFi projects.
While the spot price of LINK, its native token, has also been high, the cryptocurrency market saw increased selling pressure come into play, at the time of writing. The Bitcoin market began to trade down and as expected the altcoin market also began its descent. Nevertheless, LINK traders were trying to maintain the asset’s value at $34 with the digital asset reporting 190% returns to the investors year-to-date.