By Tobi Loba
An XRP-based cryptocurrency exchange Bitrue has announced the integration of Chainlink (LINK) price oracles to bring live price reference data to its trading platform.
The latest integration is meant to make sure that price quotes for the various Bitrue products are totally fair and accurate.
Importance of Accurate Price Data
In the report, the crypto exchange, Bitrue stressed the importance of accurate price data to its platform or to other platforms alike.
The exchange also clearly stated that Chainlink (LINK) was chosen over other options due to its record in making accurate and reliable crypto price data available.
Bitrue team noted:
“Accurate data is critical to providing a safe and fair service with Bitrue Loans, as slight inaccuracies or manipulations can mean the difference between a loan getting liquidated or continuing as normal.
“Chainlink’s oracles source data from premium data aggregator APIs, which aggregate prices from all centralized and decentralized exchanges with liquidity.
“This provides strong market coverage that adjusts for volume shifts and outliers, supplying us with a highly accurate and reliable global market price.
“We conducted a deep investigation into numerous third parties who could potentially help us fulfill this requirement, and ultimately decided on Chainlink as they have proven themselves to be the most manipulation-resistant source of accurate cryptocurrency price data, thanks to their decentralized architecture, public auditability, and use of premium data sources.”
According to the team at Bitrue, Chainlink’s price oracles serve as the strength of many decentralized finance (DeFi) platforms. Chainlink oracles presently serve DeFi projects such as Aave (LEND), Loopring (LRC), Synthetix Network (SNX), Kyber Network (KNC), Bancor (BNT), Ampleforth (AMPL) and still counting.
Also, the price of the digital token, LINK, in the crypto market has been reacting positively to the growth of Chainlink’s blockchain technology. The cryptocurrency now occupies 6th position in the market after the significant price upsurge of the past few days.
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