NAOS Finance and Chainlink are teaming up to bring oracle solutions to traditional finance, marking a critical step to bridge CeFi with DeFi.
Decentralized Oracle network Chainlink and decentralized real-world asset lending protocol NAOS Finance today announced a partnership to develop a Chainlink Oracle solution for financial assets in the primary and secondary markets.
“We are excited to support NAOS in delivering tamper-resistant data feeds to their users, enabling greater access to real-world financial data previously unavailable in the DeFi ecosystem,” said Daniel Kochis, Head of Partnerships at Chain Link Labs. Eth is well known in crypto.
Kevin Tseng, founder of NAOS Finance, added: “We have a long list of corporate borrowers looking to break free from their geographic constraints on financing, and are eager to partner with Chainlink and NAOS to gain global exposure.
Chainlink is coming to NAOS
The custom Oracle solution brings data from credit institutions, banks, insurance, governments and telecom networks on-chain, enabling smart contracts to communicate with non-crypto financial assets.
NAOS lenders have access to vital financial data such as cash flow/balance, profit margin and interest coverage on the underlying assets. In addition, borrowers will be able to build credit profiles on NAOS and access global capital at rates optimized for the same risk and reward profile. The initiative enables NAOS to truly decentralize existing banking and credit rating infrastructures. To illustrate, imagine a Bloomberg terminal for global SMBs isolated from the global economy and served only by their regional banking partners.
With the Chainlink implementation, NAOS lenders will have access to the same financial data that was previously only available to a handful of privileged financial institutions. Funding partners can use a global, more definitive source of truth in their decision-making. Polkadot DOT has gone up.
How Oracles Work
Oracles, for the uninitiated, are third-party services that pull in information from outside a blockchain, allowing smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments.
Leading the way are Chainlink’s decentralized oracle networks, which provide developers with the largest collection of high-quality data sources and secure off-chain computations to extend the capabilities of smart contracts on any blockchain.