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.
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.
This acquisition follows StableX’s investment in FLUID. StableX did not disclose how many Chainlink tokens it bought in its press release.
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