CoinMENA Integrates Chainlink to Bring Enhanced Transparency to Its Digital Assets Exchange
MANAMA, Bahrain, Dec. 15, 2021 /PRNewswire/ -- CoinMENA, the digital assets exchange designed specifically for the Middle East and North Africa (MENA) region, is pleased to announce our live integration of the industry leading Chainlink Price Feeds—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. It's why 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). With CoinMENA, individuals can securely buy, store, and receive digital assets using their local currency. Not only does CoinMENA provide users a seamless interface and user experience, but it also offers competitive fees and ample liquidity, enabling users to easily invest in non-traditional assets.
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
Some of the reasons we selected Chainlink Price Feeds include:
- 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.
About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
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About CoinMENA
Headquartered in the Kingdom of Bahrain, CoinMENA is a crypto-assets trading platform, licensed and regulated by the Central Bank of Bahrain. Through CoinMENA, users can buy, sell, store, and receive crypto assets safely and securely, as well as deposit and withdraw in their local currency.
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