Chainlink worth feeds at the moment are securing crypto-backed fiat loans

Fintech agency YouHodler is now utilizing industry-leading oracle answer Chainlink to extend the transparency and reliability of its backend pricing mechanisms, it stated in a launch shared with CryptoSlate.

The preliminary integration includes utilizing Chainlink Value Feeds to entry high-quality decentralized trade charges on numerous cryptocurrency worth pairs, that are then referenced in our lending product when figuring out customers’ borrowing limits and checking the collateralization of excellent loans.

The agency stated it selected to combine Chainlink because it’s essentially the most time-tested decentralized worth feed answer within the {industry} and already serving to safe tens of billions of {dollars} for a whole lot of various purposes.

Chainlink Value Feeds have intensive market protection, strong and clear infrastructure, and low latency updates to assist make sure the YouHodler platform is all the time offering customers with verifiably honest and present market charges.

This integration helps YouHodler additional its imaginative and prescient of a hybrid CeDeFi platform optimized for ease of use but providing higher transparency than conventional FinTech platforms. 

What Chainlink secures for YouHodler?

YouHodler is an revolutionary FinTech platform designed for rookies and skilled customers who’re searching for a safe different to conventional investments within the present low-yield, high-inflation international financial surroundings. It provides high-yield crypto-savings accounts, crypto-backed lending with fiat, and safe fiat-to-crypto and crypto-to-crypto conversions.

YouHodler helps over 30 widespread cryptocurrencies and tokens as collateral for crypto-backed lending, together with BTC, ETH, SUSHI, UNI, COMP, LTC, XLM, SNX, HT, REP, and extra. 

Utilizing Chainlink Value Feeds offers new alternatives to enhance the reliability and auditability of the info we use to set off key backend processes like issuing new loans and liquidating under-collateralized loans—all with out sacrificing knowledge high quality or safety.

This implies YouHodler has successfully outsourced the charges customers obtain when taking over crypto-backed fiat loans, resulting in extra auditability when in comparison with extra opaque conventional FinTech and CeFi platforms.

“With Chainlink Value Feeds, we now have a extra dependable and clear backend pricing mechanism, guaranteeing our crypto-focused lending product constantly displays present market costs in a fashion any consumer can independently confirm as honest,” said Ilya Volkov, CEO of YouHodler.

“Integrating Chainlink Value Feeds marks a key step in making a hybrid FinTech platform the leverages the benefits from each centralized and decentralized applied sciences to create a superior synergistic answer to the good thing about customers,” he added.

The transfer is the lastest in an extended record of Chainlink integrations up to now week alone.

The put up Chainlink worth feeds at the moment are securing crypto-backed fiat loans appeared first on CryptoSlate.

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