Fintech company YouHodler currently using industry leading oracle solution Chain link to increase the transparency and reliability of its backend pricing mechanisms, it said in a release shared with livetechit.
Initial integration involves the use of Chainlink’s price feed to access high-quality decentralized exchange rates on various cryptocurrency price pairs, which are then referenced in our lending product when determining user borrowing limits and asset checks security of unpaid debts.
The company said it chose to integrate Chainlink because it is the most time-tested decentralized price data feed solution in the industry and has helped secure tens of billions of dollars for hundreds of different applications.
The Chainlink price feed features extensive market coverage, robust and transparent infrastructure, and low latency updates to help ensure the YouHodler platform always provides users with current market rates. and verifiable fairness.
This integration helps YouHodler advance its vision of a hybrid CeDeFi platform that is optimized for ease of use but offers better transparency than traditional FinTech platforms.
What security chainlink for YouHodler?
YouHodler is an innovative FinTech platform designed for beginners and professional users looking for a safe alternative to traditional investments in a high-inflation, high-energy global economic environment. current low rate. It offers high yield crypto savings accounts, crypto-to-fiat backed lending, and secure fiat-to-crypto and crypto-to-crypto conversion .
YouHodler supports over 30 popular cryptocurrencies and tokens as collateral for crypto-backed lending, including BTC, ETH, SUSHI, UNI, COMP, LTC, XLM, SNX, HT , REP, etc
The use of the Chainlink Price Feed provides new opportunities to improve the reliability and auditability of the data we use to enable key ancillary processes such as issuing new loans. and liquidate unsecured loans — all without compromising data quality or security.
This means YouHodler has effectively outsourced the rate that users get when borrowing money in crypto, resulting in higher auditability when compared to unknown traditional FinTech and CeFi platforms. clear.
“With the Chainlink Price Feed, we now have a more transparent and reliable backend pricing mechanism that ensures a money-centric lending product,” said Ilya Volkov, CEO of YouHodler. Our electronics consistently reflect current market prices in a way that any user can independently verify is fair,” said Ilya Volkov, CEO of YouHodler.
He added: “The integration of the Chainlink Price Feed marks an important step in the creation of a hybrid FinTech platform that leverages the advantages from both centralized and decentralized technologies to create a superior integrated solution for the benefit of users.
This is the final move in a long list of Chainlink integrations just over the past week.
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