Crypto Investment Platform Bit.Store Integrates Chainlink Price Feeds
SINGAPORE, Nov. 24, 2021 /PRNewswire/ -- 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 daa 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:
"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.
The Bit.Store interface is intuitive and clear of trading jargon such as "Bollinger Band" and "MACD." To invest crypto with their preferred fiat currency payment method, the user only has to decide the amount they want to purchase.
Bit.Store is gaining popularity across the globe, particularly Southeast Asia and Europe, and is currently the most popular social-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 users can confidently store their assets on the platform.
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