Bitrue announced a new partnership with Chainlink. It will integrate the Chainlink’s Price Reference Data to the main platform. The real reason for integrating Chainlink oracle into Bitrue is providing accurate prices for digital assets and contracts – especially Bitrue Loans.
The cryptocurrency financial platform chose Chainlink because of its decentralized nature of the operation:
“We conducted a deep investigation into numerous third parties who could potentially help us fulfill this requirement, and ultimately decided on Chainlink as they have proven themselves to be the most manipulation-resistant source of accurate cryptocurrency price data, thanks to their decentralized architecture, public auditability, and use of premium data sources,” according to the new blog post from Bitrue.
Oracles, Vital Components for DeFi
Bitrue offers multiple financial blockchain-based services to its customers. Cryptocurrency loans are one of the most significant ones that desperately need to provide an accurate price. Users rely on the prices on the platform to calculate their required collateral for each loan. By integrating Chainlink’s oracle, Bitrue users can now easily see the current price for each asset. The platform can calculate each user’s ability and credit for receiving the loan, too. The exchange recommends users check Chainlink’s public visualization for calculating the prices.
The companies offering financial products to cryptocurrency enthusiasts need access to accurate price data to provide better services. The difference in the price of any asset can result in liquidating a loan or continuing it. Because of its decentralized nature and connecting to credible data sources, Chainlink has been the first choice for many DeFi operators, among which Bitrue is the latest.
Bitrue believes the oracle solution from Chainlink can increase the trust in its services.
“Onboarding Chainlink’s price feeds furthers our vision of offering high-quality financial products that align with the decentralized and open ethos of the blockchain ecosystem. By using Chainlink price reference data, users no longer need to trust us when taking out loans, as they can independently check the current prices of various assets in real-time on the blockchain. This brings more transparency to the loan process, which in turn creates more reliability for borrowers,” according to the new post.
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