Chainlink’s oracle infrastructure has been time-tested and proven resilient to single points of failure and black swan events, which is why Chainlink oracles currently secure the vast majority – over $75 billion – of DeFi. As an open-source, industry-standard oracle solution, Chainlink affords the same security and reliability to both new and established DeFi platforms and exchanges serving communities around the world.
Last month, CoinMENA, a digital assets exchange designed specifically for the Middle East and North Africa (MENA) region, integrated Chainlink Price Feeds to ensure its users receive fair market exchange rates for all fiat-to-crypto transactions. Dina Sam’an, Founder and Managing Director of CoinMENA, told Chainlink Today that integrating Chainlink oracles to provide accurate, tamperproof, transparent crypto asset prices and auditable transactions was an imperative.
“With security and transparency at the heart of our business, we needed to align all areas of our business to stay true to our mission while giving users the best possible experience,” she said.
CoinMENA was founded in 2019 and is fully licensed and regulated by the Central Bank of Bahrain. Currently available to residents of Bahrain, the United Arab Emirates, Saudi Arabia, Kuwait, and Oman, CoinMENA allows users to deposit, withdraw and trade a wide variety of crypto assets in their local currency through a bilingual application with 24/7 customer support.
As more exchanges integrate Chainlink oracles, Sam’an believes more people around the world will understand the utility and security of digital assets.
“Even though 2020 and 2021 were breakout years for the mass adoption of digital assets, misconceptions about what they constitute, how they work, and how secure they are have been rampant,” she said.
In her view, as Chainlink secures more of DeFi’s “meteoric” growth, more users will be encouraged to enter the space.
“Integrations such as Chainlink Price Feeds, built specifically for increased security and transparency in crypto, help protect the interests and integrity of users by bringing unprecedented visibility to prices that users receive when using fiat-to-crypto on/off ramps,” she said.
She explained that CoinMENA’s integration of Chainlink Price Feeds not only instills confidence among CoinMENA’s users; it contributes to the growth and success of the crypto community as a whole.
“Oracles are the backbone of decentralized finance, and Chainlink has played an instrumental role in helping secure tens of billions of dollars across the DeFi landscape,” she said. “It’s exciting to join forces with a solution leading the DeFi space and ecosystem.”