CryptoLocally and DIA have announced a strategic partnership to bring decentralised oracles for cryptocurrency pricing and fundamentals, DeFi lending rates and states and fiat exchange rate data feeds to CryptoLocally’s end-to-end DeFi gateway platform.
DIA (Decentralised Information Asset) is an open source oracle platform that enables market actors to source, supply, and share trustable data. DeFi applications rely on trustable and scalable data feeds to build reliable products and avoid exploitation and manipulation. DIA leverages crypto-economic incentives and the wisdom of the community to source, validate, and deliver trusted financial data.
Today most DeFi products lack a pricing data solution and rely on non-transparent data sources. DeFi products either build their own oracles or rely on external solutions, however the data provided by these oracles and the methodology used is non-transparent and creates substantial risks for investors. Unfortunately, the absence of accurate data creates a breeding ground for price manipulations and has contributed to a growing lack of confidence in the validity of basic market information on digital assets.
DIA is a financial information platform that utilizes crypto-economic incentives to enable the DeFi community to transparently source and validate data. The DIA platform was built to increase confidence in the validity of market data and to create a solution to the problems faced by DeFi platforms when seeking reliable data.
Cryptolocally will be integrating DIA data feeds as the major financial data delivery component in the Cryptolocally platform, enabling users to rely on trustable and transparent price feeds to power the platform’s products and services. The integration will encompass fiat currency exchange rates for all local currencies listed on CryptoLocally, price feeds for all 20+ cryptocurrencies listed on CryptoLocally and DeFi protocol interest rates and states.
Regarding the new partnership, Jae Chung, Co-Founder and Engineering and Security Lead at CryptoLocally stated,
“DIA is the perfect match for CryptoLocally, which needs to provide reliable sources of real-time cryptocurrency prices and interest rates to our users. DIA’s transparency and validation mechanism are exactly what we were looking for.”
As Cryptolocally scales and with it the platform’s need for additional data points, we will leverage DIA’s crowdsourcing approach to expand data usage by issuing ticket requests via DIA’s data bounty board on Gitcoin.
“The lack of consumer friendly UX has been recognized as an issue for mass adoption in the blockchain space pretty much since its inception.” says Michael Weber, Co-Founder of DIA. “We are all the more happy to fuel projects like Cryptolocally who aim to enable access to DeFi for a broad consumer market by improving the general user experience.”
CryptoLocally is a P2P crypto trading platform that offers out-of-band payment methods and an innovative smart contract escrow. The platform also includes a DeFi product that enables users to earn interest on their digital assets.