StableX acquires Chainlink crypto in stablecoin play
StableX acquires Chainlink tokens as part of its second major crypto asset purchase, following its investment in FLUID.
- StableX announced the acquisition of Chainlink crypto due to its importance for stablecoins
- The acquisition is the second purchase after StableX purchased FLUID tokens
- StableX is executing a $100M strategy focused on acquiring tokens that power the stablecoins
Stablecoins are going mainstream, as are the crypto networks that power them. On Thursday, Oct. 16, Nasdaq-traded firm StableX Technologies announced its purchase of Chainlink (LINK) tokens. The move is part of a $100 million strategy focused on crypto tokens that power the stablecoin ecosystem.
According to StableX, Chainlink (LINK) is a key element of the DeFi infrastructure powering stablecoins. For this reason, the acquisition aligns with its strategy to become a pure-play investment in stablecoin infrastructure.
“Our investment in Chainlink (LINK) represents a cornerstone of StableX’s strategy and the future of the stablecoin ecosystem,” said James Altucher, StableX’s Digital Treasury Asset Manager. “We believe Chainlink is uniquely positioned to ride the growth in the stablecoin industry, powering critical functions such as price feeds and proof-of-reserve verification for leading issuers like USDT and USDC.”
Chainlink key for stablecoins: StableX
According to StableX, Chainlink is key for stablecoins for several reasons. For one, Chainlink provides real-time data that helps stablecoins remain pegged to their underlying assets across DeFi protocols. Moreover, Chainlink directly works on stablecoin proof-of-reserves. It also has several high-profile institutional partnerships, giving it credibility.
“With partnerships spanning Swift, UBS, S&P, and the U.S. Department of Commerce, Chainlink is rapidly becoming the data backbone of both decentralized and traditional finance. Holding a dominant 68% share of the decentralized oracle market, LINK was a must-own asset as we build the only pure-play portfolio dedicated to stablecoins,”
This acquisition follows StableX’s investment in FLUID. StableX did not disclose how many Chainlink tokens it bought in its press release.
