Digital assets joining hands with tech driven establishments together for further developments is nothing new to the crypto industry. However, being America’s largest stock exchange, the Nasdaq Stock Market now extends its services to the DeFiChain (DFI) for updating live price feeds and data.
All this is expected to increase the tokenized stocks trade upon the DeFiChain platform. And also along with the live usage of the platform’s native token, the DFI. In addition this will in turn increase the price of DeFiChain (DFI) corresponding to increased usages.
Nasdaq’s Services for DeFiChain
Many for sure know that the Nasdaq is an American stock exchange firm, globally famous. However, what many don’t know is what Nasdaq stands for ‘National Association of Securities Dealers Automated Quotations’.
Nasdaq exchange services include most of the top tech firms. In addition to renowned MNCs globally, like Apple, Google, Microsoft and so on. With such an extreme database of vital stocks on the play everyday, Nasdaq’s data center is quite propelsive.
On the other hand, the DeFiChain (DFI) is a completely dedicated platform for all sorts of Decentralized Finance (DeFi) based applications. In addition, the blockchain of DFI wholly revolves around that of the Bitcoin (BTC) network.
Accordingly, the DFI blockchain platform mainly focuses on providing all DeFi based services, and financing. Also, all this in a completely transparent, and efficient manner. Moreover, the DFI is the native token of the DeFiChain platform.
Besides, the DeFiChain platform involves dealing with making cryptocurrencies being directly linked with the stock exchange of various companies like Apple, Amazon, and so on.
In spite of all this, being a firm solely linking the tokens to the stock markets, DeFiChain obviously will be in need of profuse data and price feed with which it could denote the stands of its tokens.
Therefore, the leading stock exchange Nasdaq has now joined hands with DeFiChain for providing profuse live price feeds and data. Also, this will enable DeFiChain to give out live market prices instantaneously with absolutely no time delays at all. In addition to this, the data uploading is said to be extremely fast too.
The Mechanism of DeFiChain
The whole working mechanism of DeFiChain is upon tokenizing the stocks. Accordingly, once the stocks are tokenized, the value of the token will be completely dependent upon the current price range of the stocks to which they are being corresponding.
Moreover, most of the tokens of DeFiChain are linked to tech based establishments like Apple, Amazon and much more. Moreover, these tokens represent a small fraction of the stock.
Furthermore, the advantage is that these tokenized stocks could be used in a variety of smart contracts and also run upon by the BTC blockchain network. On the contrary, this cannot be done with the regular stocks, as if the value drops, obviously the prices will drop.
In addition, the co-founder of DeFiChain, Julian Hosp states that this collaboration and unification of the native stocks to the currency technology driven tokens and digital assets will be the future trend in the stock market.
And so, he adds, this tokenization of stocks will be a huge relief to the native stock market traders, without anticipating losses as in old times.
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