xbullion Integrates Chainlink Price Feeds To Help Secure Tokenized Precious Metals Pricing

We’re excited to announce that xbullion has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, xbullion now has access to high-quality, tamper-proof price feeds needed to provide an additional layer of redundancy for the pricing of our tokenized precious metals. This will give our users stronger assurances that xbullion tokenized gold and silver are priced using reliable, high-quality market data.

We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans

xbullion is a platform that aims to bring the accessibility of crypto to the broad international base of precious metals investors. We've done this by creating a global settlement layer for LMBA quality bullion, offering access to the largest physical marketplaces in the world without the ongoing custody fees. xbullion GOLD and xbullion SILV are tokenized precious metals on the blockchain where each token is secured by 1 gram of physical gold or silver respectively, which is directly owned by the token holder.

To help add a layer of redundancy to the pricing of our tokenized commodities, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to collect aggregated price data in a secure and reliable manner.

After reviewing various oracle solutions, xbullion decided to integrate Chainlink Price Feeds because they provide a multitude of critical features such as:

  • High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, which gives us price data that comes from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single exchange.
  • Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
  • Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
  • Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

In addition to this integration, we’re also exploring utilizing Chainlink Proof of Reserve (PoR) in the future for secure and automated audits of the reserves backing our tokens.

“Chainlink Price Feeds provide a high-quality solution for pricing our tokenized commodities and give us an additional layer of redundancy in case of unexpected infrastructure downtime,” said David Lightfoot, CEO of xbullion. “We will continue to explore how we can leverage other Chainlink decentralized services to enhance the security and reliability of our tokenized products.” 

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About xbullion

xbullion is a global network for the settlement of physical gold and silver bullion, applying the benefits of blockchain to bring transparency, efficiency and accessibility for users to access the largest bullion marketplaces in the world, without charging ongoing custody fees. xbullion provides best practices around insurance, quality control, storage and auditing, working with world class suppliers to bring you an institutional grade bullion storage solution.

About Bullion Asset Management (BAM)

Bullion Asset Management Services is the management company for xbullion, which specialises in blockchain and tokenisation, bringing the 24/7/365 accessibility of blockchain to the broad international base of precious metals and other stable asset investors. BAM has been able to achieve this through the aggregation of best-in-class suppliers, auditors, custodians, insurers and advisors.

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