WLFI co-founder Zak Folkman said in an interview on November 16th with NYSE News that the platforms had kept security as a major factor while deciding on the Chainlink partnership.
In addition, Zak Folkman also stated that the incoming president Donald Trump’s government is likely to boost crypto adoption and make the entire industry grow.
In September last year, Trump and his sons announced World Liberty Financial, a new company, making it apparent that they backed the expansion of the cryptocurrency sector.
The consideration and the discussion comes at a time when the entire crypto industry is battling with a rise in security breaches and hacks.
WLFI’s Partnership With Chainlink
World Liberty Financial (WLFI) which was founded with the support of Donald J. Trump, had declared that it will accelerate the adoption of DeFi by utilizing the Chainlink Standard.
WLFI will adopt the Chainlink standard for offchain data and cross-chain connectivity as part of the agreement, giving it access to the industry-leading onchain data and cross-chain interoperability ecosystem and infrastructure that has enabled over $16 trillion in transaction value.
Chainlink Price Feeds will provide the WLFI Protocol with a secure and reliable source of financial market data for the introduction of WLFI’s Aave v3 instance, which onboards assets that include USDC, USDT, ETH, WBTC, and many more.
The Chainlink standard’s implementation is anticipated to provide the WLFI community with the dependability and security it needs to accomplish its goal of initiating the next wave of widespread DeFi adoption.
The Partnership Based on Security Comes As Crypto World Grapples With Security Breaches
The prevalence of illegal operations, such as frauds and hacks, is rising in the cryptocurrency industry. Zak in the interview also mentioned that while considering the partnership, the firm thought that Chainlink had the best security for cross-chain connectivity, thus making them the top choice for the partnership.
The cross-connectivity sector of the crypto world is right now battling with breaches and loss of data and money. The breaches are mainly due to phishing and other scams. Hackers from North Korea are now using new methods to commit cryptocurrency fraud.
Currently, the increase in these illicit operations is occurring at the same time that the cryptocurrency market is growing in popularity. New users are particularly vulnerable to these kinds of scams and hacks as more and more of them join the cryptocurrency craze.
It is likely that with time, as networks become more secure, this loss of data and coins will take a backstep with more secured alignments in place.