Rajarshi Mitra
Independent Analyst
- Gamified cryptocurrency trading platform Hxro has recently collaborated with Chainlink.
- Chainlink will provide reference pricing on Hxro’s .xBTC and .xETH indices.
- Both indices will directly benefit from these price feeds.
Popular gamified cryptocurrency trading platform, Hxro, has recently partnered with Chainlink to provide reference pricing on Hxro’s .xBTC and .xETH indices. This is an important milestone as it’s the first live integration in which a centralized trading platform utilizes a decentralized on-chain price feed as a reference price. This will directly benefit both the indices on Hxro.
Commenting on the collaboration, Hxro CEO Dan Gunsberg, said:
Integrating Chainlink’s secure, decentralized reference data as a source for comparison against our off-chain contract settlements is a first step in bringing decentralized pricing and settlement to our platform. Providing our users with transparency and fairness in our index pricing has always been a top priority for Hxro. As we continue to evolve the Hxro platform and introduce more on-chain functionality around our markets, this interim step will give users assurances that our settlement prices fall within the bounds of fairness and reasonability.
In the initial implementation, Hxro plans to use Chainlink’s decentralized price reference to compare Hxro’s existing .xETH and .xBTC indices. This will ensure that they do not deviate outside a set range. The trading platform further plans to integrate with a broader set of markets and in lower timeframe contracts eventually.
Daniel Kochis, the Head of Chainlink Business Development, noted that their team is excited to work with Hxro in providing a transparent and secure trading environment for the end customer. Kochis added that Hxro’s emphasis on transparency and simplified trading concepts is vital for the broader digital asset ecosystem.
LINK/USD daily chart
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LINK/USD bears have remained in control of the market for four straight days and is currently trading for $16.25. The moving average convergence/divergence (MACD) shows that market momentum is presently reversing from bullish to bearish.
Meanwhile, the relative strength index (RSI) was trending around the overbought zone, before it took a dip. Currently, it is trending along the edge of the green zone at 66.67. There are strong resistance levels at $17.30 and $19.14. Meanwhile, we have healthy support levels at $13.73 (SMA 20) and $13.02.
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