Precious metals such as gold and silver represent some of the world’s oldest monetary assets, with their use as currency dating back thousands of years. Many believe continuing this legacy requires updating precious metals with the same utility as on-chain assets in order to interact with the decentralized finance (DeFi) economy.
Chainlink has enabled more than $7 trillion in transaction value throughout DeFi, making it the industry-standard for delivering accurate, reliable asset prices and market data on-chain. This week, Ainslie Bullion, one of Australia’s leading bullion dealers since 1974, announced it’s leveraging this standard to provide up-to-date, tamper-proof pricing for precious metals by integrating Chainlink Price Feeds.
Joshua Lang, Ainslie Bullion’s Digital Assets Manager, told Chainlink Today the integration reflects Ainslie Bullion’s commitment to bringing precious metals into the future by utilizing cutting-edge technology that harnesses the transparency, efficiency, transferability, and interoperability benefits of web3.
“Traditional pricing sources can be unreliable and susceptible to manipulation, leading to inconsistencies and downtime,” he explained. “Chainlink’s multi-layered decentralized aggregation system ensures transparent, secure, and up-to-date price information with a high level of uptime and data quality. The transparency of pricing is a significant advantage for customers who typically have to trust a bullion dealer’s prices.”
He believes blockchain and oracle technology has the capacity to transform the precious metals industry through trust-minimization, which can reduce counterparty risk and ultimately create a more robust and accessible investment class.
“The integration of these technologies can enable new innovative financial products, such as tokenized precious metals and DeFi solutions, which can help broaden the appeal and accessibility of precious metals as an investment option,” he explained.
Lang said Ainslie Bullion is excited to accelerate this evolution.
“We are thrilled to join the Chainlink ecosystem and be part of a pioneering group of projects that are revolutionizing the world of finance. By leveraging Chainlink’s industry-standard oracle network, we can provide our customers with a secure, reliable, and transparent pricing experience and, at the same time, contribute to the growth and development of the DeFi space.”
To learn more about Ainslie Bullion, visit their website and Twitter.