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.

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.