CoinJar has integrated Chainlink (LINK/USD) Price Feeds to bring fair and accurate market rates to its cryptocurrency exchange, the platform’s team wrote on their Medium blog. Chainlink will enable CoinJar to display the prices of digital assets accurately, helping users make more informed decisions based on tamper-proof data.
Exchange in operation since 2013
CoinJar is one of the longest-running international digital currency exchanges, in operation for almost a decade. Its award-winning trading platform lets users sell, buy, and spend crypto with the CoinJar card.
More than half a million people have traded over $4 billion in assets on the platform in its history. CoinJar’s assets under custody exceed $750 million. Through Chainlink Price Feeds, the exchange avails of high-quality market data that will improve user experience because accurate and fast market rates are of essence in such a lightning-paced industry.
OTC trading desk and institutional offering
CoinJar provides customized digital asset solutions and an OTC trading desk to attract institutional investors. Accurate data is essential to user experience in the cryptocurrency industry. Chainlink Price Feeds feature multiple layers of aggregation and decentralisation for the best performance and security assurance. Unique features of Chainlink Price Feeds include:
High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that are 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 utilise decentralised 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.
Asher Tan, CEO of CoinJar, commented:
Chainlink Price Feeds provide a superior alternative to maintaining our own price data solution or using other options that are subject to going offline. We will continue to explore how we can leverage other Chainlink decentralised services to enhance the functionality and reliability of our digital assets exchange.
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