Crypto Bit.Store investment platform integrates Chainlink price feeds

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Singapore November 24, 2021 – Bit.Store, an intuitive crypto investment platform with 500,000 users in Australia, Canada, Hong Kong, Indonesia and the UK, has integrated cutting edge Chainlink price feeds industry to provide users with the most accurate and up-to-date crypto-asset price information. This allows Bit.Store users to directly access the best benchmark prices through the Bit.Store app.

The Bit.Store platform is designed to be intuitive and jargon-free so that all investors, new and experienced alike, can easily invest in cryptocurrencies. Additionally, Bit.Store is able to provide direct fiat-to-crypto investment on its platform through its partnership with crypto-fiat hybrid payment pioneer, Alchemy Pay, for fiat payment rails such as Visa. , Mastercard and PayPal.

Chainlink is the world’s first decentralized oracle network used by smart contracts across DeFi, insurance, trading, gaming, and other major sectors of the blockchain ecosystem. The decentralized network provides blockchain developers with a comprehensive collection of reliable and real data sources. Chainlink also provides highly secure off-chain compute that allows developers to extend the capabilities of their smart contracts for increased scalability, automation, and randomness. Additionally, as the most widely used and proven decentralized Oracle network, Chainlink already helps secure over 75 billion Total Locked Values ​​(TVLs) for major DeFi protocols in the blockchain ecosystem.

Smart contracts execute on-chain transactions and deals, but they don’t communicate directly with the world beyond the blockchain. Chainlink solves this problem by serving as a bridge between the on-chain and off-chain worlds. The Oracle network gets real-world off-chain data (such as weather, currencies and digital asset prices, IoT data, and location information) and feeds it to smart contracts.

Centralized financial platforms and FinTech applications can also benefit from Chainlink oracles by gaining access to a tamper-proof data source validated by a decentralized network of Sybil-resistant and incentivized node operators. By decentralizing the pricing infrastructure, these platforms can give users better access to the data they need to make informed decisions, and also use Chainlink Price Feeds as their primary source of truth.

We have chosen to integrate Chainlink in order to provide Bit.Store users with increased guarantees that accurate price data is used when trading between fiat and crypto. Chainlink Price Feeds are highly tamper-proof and have historically operated for years with extreme reliability. Some of the unique benefits of Chainlink include:

High Quality Data – Chainlink Price Provides source data from numerous premium data aggregators, leading to price data aggregated from hundreds of exchanges, volume weighted and cleaned of outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices that resist API / trade downtime, flash crash outliers, and data manipulation attacks. High Update Frequency – Chainlink Price Feeds can perform frequent price updates at minimal cost, resulting in accurate price data that consistently reflects current market conditions. Robust Infrastructure – Chainlink Price Feeds uses decentralized networks of professional node operators managed by leading DevOps blockchain teams and traditional businesses with a strong history of uptime during market volatility. Transparent Monitoring – Chainlink provides a robust reputation framework and a set of on-chain monitoring tools that allow users to independently verify historical and real-time performance of price feeds.

“At Bit.Store, we are committed to providing our community with the best and most intuitive user experience. By integrating Chainlink Price Feeds into our platform, we have been able to provide our users with price data. of the highest quality to increase their confidence in making pricing decisions on the Bit.Store platform, ”said Carl, the project manager.

About Chainlink

Chainlink is the industry standard for creating, accessing, and selling the Oracle services needed to power hybrid smart contracts on any blockchain. Oracle Chainlink networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations to enable feature-rich applications. Chainlink currently secures tens of billions of dollars in DeFi, insurance, gaming, and other major industries, and provides global businesses and major data providers with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, contact an expert.

About Bit.Store

Bit.Store is a global social digital asset investment platform aimed at providing ordinary people with easy and secure access to the crypto investment market. The platform further leverages the social elements, provides access to education and news, and other investment tools to help ordinary investors make smarter investment decisions.

The Bit.Store interface is intuitive and free from commercial jargon such as “Bollinger Band” and “MACD”. To invest crypto with their preferred fiat currency payment method, the user only has to decide how much they want to buy.

Bit.Store is gaining popularity around the world, especially in Southeast Asia and Europe, and is currently the most popular integrated crypto investment platform for novice investors in Indonesia.

Bit.Store’s digital assets are managed by a third-party custodian, Cobo Custody, and are regularly verified by external auditors so that users can confidently store their assets on the platform.

Learn more and join Bit.Store | Twitter | Telegram.

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