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CoinMENA partners with Chainlink for crypto price feeds

CoinMENA,crypto assets exchange for the Middle East and North Africa (MENA) region, has launched live integration of Chainlink Price Feeds. ChainLink Price Feeds are decentralized data feeds that provide accurate, tamperproof, and transparent asset prices on various cryptocurrencies, FX rates, and traditional assets. CoinMENA is referencing Chainlink Price Feeds during all fiat-to-crypto transactions on the exchange, ensuring users are getting fair-market exchange rates. 

While most traditional exchanges rely on opaque internal pricing mechanisms, CoinMENA’s integration of Chainlink Price Feeds brings unprecedented transparency to prices that users receive when using our fiat-to-crypto on/off ramps. Importantly, Chainlink Price Feeds allow us to provide auditability to the process without sacrificing on data quality or security, as each data feed has wide market coverage across all relevant exchanges and underlying infrastructure that’s been time-tested and proven resilient to single points of failure and black swan events. Chainlink Price Feeds are the most widely used decentralized data solution and secure tens of billions of dollars across decentralized finance (DeFi) and traditional finance (TradeFi).

Founded in 2019, CoinMENA is a digital asset exchange licensed and regulated by the Central Bank of Bahrain. CoinMENA specializes in providing secure crypto-focused investment services to users in the Middle East and North Africa (MENA).  

As per the announcement, “By integrating Chainlink’s oracle infrastructure, our users now have access to tamper-proof, highly available, and transparent exchange rates on platform services—a superior solution, even when compared to more traditional centralized data solutions. With Chainlink Price Feeds, anyone can monitor the exchange rates being offered are fair, as well as verify CoinMENA is not tampering with the process.”

CoinMENA chose Chainlink Price Feeds for the following reasons:

  • 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.

“Traditionally, many digital asset exchanges use opaque market data solutions and pricing methodologies that leave users wondering if they received the best price,” stated Dina Sam’an, Founder and Managing Director of CoinMENA. “With Chainlink Price Feeds, our users can verify that the price they received is consistent with global markets, creating a whole new level of transparency for users of CoinMENA.” 

“We are pleased to support CoinMENA by helping decentralize a key part of their digital asset exchange, resulting in their users getting increased reliability and transparency around backend processes while still getting enterprise-grade data quality and infrastructure,” said Tomasz Wojewoda, Head of Global Sales at Chainlink Labs.

Source
CoinMENA Blog

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