Why Chainlink Is Soaring Today

Key Points

• While much of the crypto market was relatively sleepy, Chainlink popped on news of a key partnership.

• The cryptocurrency will team up with the New York Stock Exchange's parent company to bring institution-grade data to the blockchain.

• This could help cement Chainlink's role as a key bridge between crypto and legacy finance.

• 10 stocks we like better than Chainlink ›

Chainlink (CRYPTO: LINK) is on the rise. As of 5:11 p.m. ET today, it was up 9.4% from Monday at 4:00 p.m. The rise comes as the S&P 500 gained 1.1% and Bitcoin gained 0.7%.

Chain Link, an "oracle" token that helps bridge the gap between real-world information and crypto blockchains, is teaming up with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.

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Chain Link will bridge Wall Street and blockchain

The partnership will see ICE's consolidated feed, which pulls data from more than 300 exchanges and marketplaces worldwide, integrated into Chainlink's data streams., This will bring critical financial data to more than 2,000 blockchain applications and financial institutions that interact with the blockchain.

Crypto projects now have access to data of the same quality and real-time speed that traditional finance organizations have enjoyed. Chain Link believes this will help lay the groundwork for large-scale tokenization of assets like precious metals and, more generally, blur the lines between traditional finance and crypto.

Image source: Getty Images

ICE's Global Data Delivery VP Maurisa Baumann said the partnership will bring "trusted, structured multi-asset class data" to crypto platforms and drive crypto adoption in capital markets.

Things are looking up for Chainlink

While Chainlink's price is still heavily tied to broader sentiment in the crypto world, this is a major step in ensuring it has long-term value outside of crypto. Institutional integration is key for crypto projects that want to grow beyond the limitations of the crypto market.

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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Chainlink. The Motley Fool has a disclosure policy.