According to BX Digital, the sister company of the Swiss exchange BX Swiss and part of the Boerse Stuttgart Group, the future of the financial market will be made up of partnerships between traditional offerings and new innovations like blockchain. Working towards this goal, it has announced a new partnership with Chainlink, the standard for on-chain finance.
The new partnership will bring critical pricing data for Swiss-based equities on-chain. The data solution is currently live on test-net with the support of BX Swiss. Once in production on the main-net, BX Digital will use the Chainlink standard to publish and distribute securities closing price data on-chain.
“While asset tokenisation can unlock major efficiencies, industry participants trading digital assets on BX Digital will not only benefit from secondary market liquidity and price discovery but will also have access to reliable on-chain market data,” said Andreas Ruflin, chief digital officer at BX Digital.
“We believe that the Chainlink standard for verifiable data plays a crucial role in accelerating both the pace and security of asset tokenisation, secondary market trading, and settlement.”
Accurate data
BX Digital is implementing a Delivery vs Payment (DvP) Settlement System which will create a transparent, accessible, and liquid market for digital assets based on Ethereum blockchain technology in Switzerland. However, ensuring market data price is up to date and accurate is crucial. This is where Chainlink steps in.
By leveraging the Chainlink standard, BX Digital ensures securities market data price is accurately reported on-chain in a manner that is decentralised, verifiable, and secure. This will allow both issuers and investors to rely on the accuracy and integrity of the data, increasing the efficiency and security of digital asset trading.
“As an established Swiss stock exchange, BX Swiss is committed to making its data available in a future-oriented and innovative way. The collaboration with BX Digital and Chainlink, opens up new opportunities to fully utilise the potential of digital transformation and to create a strong link between tradition and innovation,” emphasised David Kunz, COO of BX Swiss.
“A fundamental requirement for digital assets is access to secure and reliable on-chain data, especially where market prices are concerned,” said Angie Walker, global head of banking and capital markets at Chainlink Labs.
“Working with BX Digital to deliver this essential component addresses the growing demand for direct, on-chain access to real-time data, which can enhance trading operations with greater efficiency and transparency. We look forward to bringing this new on-chain pricing data standard to the Swiss market with BX Digital.”
