Bit.Store, an intuitive crypto investment platform with 500,000 users across Australia, Canada, Hong Kong, Indonesia, and the United Kingdom, has integrated the industry-leading Chainlink Price Feeds to provide users with the most accurate and up-to-date prices on crypto-assets. This allows Bit.Store’s users to directly access the top price benchmarks via Bit.Store app.
Bit.Store platform is designed to be intuitive and jargon-free so all investors, novice or experienced, are able to invest into cryptocurrencies with ease. Furthermore, Bit.Store is able to provide direct fiat-to-crypto investment on its platform through its partnership with hybrid crypto-fiat payment pioneer, Alchemy Pay, for fiat payments rails such as Visa, Mastercard and PayPal.
Chainlink is the world’s leading decentralized oracle network used by smart contracts across DeFi, insurance, exchanges, gaming, and other major sectors of the blockchain ecosystem. The decentralized network provides blockchain developers with a comprehensive collection of reliable real-world data sources. Chainlink also provides highly secure off-chain computation that enables developers to expand the capabilities of their smart contracts for increased scalability, automation, and randomness. Additionally, as the most widely-used and time-tested decentralized oracle network, Chainlink already helps secure 75+ billion total value locked (TVL) for prominent DeFi protocols across the blockchain ecosystem.
Smart contracts execute on-chain operations and agreements, but they don’t communicate directly with the world beyond blockchain. Chainlink solves this by serving as a gateway between on and off-chain worlds. The oracle network obtains off-chain, real-world data (such as weather, currency, and digital asset prices, Internet of Things data, and location information) and passes it on to smart contracts.
Centralized finance platforms and FinTech applications can also benefit from Chainlink oracles by obtaining access to a tamper-resistant source of data validated by a decentralized network of Sybil-resistant and incentivized node operators. By decentralizing pricing infrastructure, such platforms can provide users greater access to the data they require to make informed decisions, and also use Chainlink Price Feeds as a backend source of truth.
We choose to integrate Chainlink in order to provide increased guarantees to Bit.Store users that accurate price data is used during exchanges between fiat and crypto. Chainlink Price Feeds are highly tamper-resistant and have historically operated for years with extreme reliability. Some of the unique advantages of Chainlink include:
- High-Quality Data – Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that are resistant to API/exchange downtime, flash crash outliers, and data manipulation attacks.
- High Update Frequency – Chainlink Price Feeds can perform frequent price updates at minimal costs, resulting in precise price data that consistently reflects current market conditions.
- Robust Infrastructure – Chainlink Price Feeds utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime during market volatility.
- Transparent Monitoring – Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of price feeds.
“At Bit.Store, we are committed to providing our community the best and most intuitive user experience. By integrating Chainlink Price Feeds into our platform, we have been able to provide our users with the highest quality price data to increase their confidence when making pricing related decisions on the Bit.Store platform,” stated Carl, the Ptoject Manager.