Kaiko, a provider of market data for institutional cryptocurrencies, today announced a partnership with Algoracle, the first native Oracle service on the Algorand blockchain. Kaiko’s cryptocurrency market data is integrated with Algoracle’s decentralized Oracle network, which is available for use in smart contracts.
Decentralized oracles play an important role in the DeFi economy, and robust oracles are key to growing a blockchain like Algorand. Oracles enable the use of real data in smart contracts on a blockchain, a requirement for the execution of financial processes that are based on external price data.
While layered smart contracts can be immensely powerful tools, they are still limited to the information provided on the blockchain on which they are built. Once Algoracle has completed its decentralized Oracle infrastructure, Algorand-based applications will be able to subscribe to Kaiko’s extensive suite of cryptocurrency data offerings for use in smart contracts.
Kaiko has extensive expertise in providing Oracle solutions with market data for cryptocurrencies and has been an important provider of the Ethereum network since 2019.
Abdul Osman, Algoracle CEO, said, “We believe that data providers should be able to offer their services directly to Algorand-based applications, and we are excited to begin testing the infrastructure that will enable institutional providers like Kaiko to become with Algorand applications. “
Algoracle started as the winner of Encode’s Algorand Fall Hackathon before receiving the Algorand Foundation’s Oracle Supa Grant for expanding the service.