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Rain Integrates Chainlink Price Feeds for Enhanced Data Accuracy

By Çiçek Akgün - Feb 01, 1:00 PM

MENATP, January 2022 - On February 2, Rain Financial announced the expansion of its internal technology stack to now include Chainlink Price Feeds, which now provide secure price data to Rain’s digital asset exchange. Chainlink is the market-leading decentralized oracle network, securing tens of billions in value across decentralized and traditional fintech applications. With a mission to continuously innovate its products and provide the best possible experience for users, Rain is integrating Chainlink to further enhance the decentralization and reliability of its price data.

Rain decided to integrate Chainlink because its decentralized price reference data provides a superior alternative to traditional market data solutions. This is because Chainlink Price Feeds feature multiple layers of decentralization and aggregation, meaning they provide broad market coverage that is highly resistant to single points of failure. Moreover, Chainlink has a proven track record of being the most reliable, time-tested oracle solution and is already helping to secure over $75B for leading DeFi, CeFi, and other blockchain applications. 

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. Cost-efficient price updates are frequently updated to help ensure they reflect broader market conditions. The platform utilizes 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. 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.

The integration of Chainlink Price Feeds enables Rain to implement a double-check on every transaction to ensure that the spot price is within a few percentage points of the published Chainlink price. This will help protect users against different types of black swan events. 

Rain’s co-founder, Joseph Dallago, comments on the announcement: “At Rain, we are constantly looking for ways to participate in the larger cryptocurrency ecosystem and take advantage of cutting-edge advancements in technology. Chainlink Price Feeds are the most secure and innovative way to access real-world, high-quality market data on blockchain environments.”

While Rain will continue to use current internal systems and existing order books, Chainlink Price Feeds act as a highly reliable and secure backstop mechanism that sources volume-weighted data from hundreds of leading exchanges. Rain users can look forward to real-time price data secured by Rain and Chainlink, the market-leading oracle solution.

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About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert

About Rain Financial Inc.:

Rain Financial Inc. was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. Rain Financial currently has subsidiaries in Bahrain, Turkey and UAE. Rain Financial Inc.’s subsidiary, Rain Management W.L.L, based in Bahrain, became the first licensed crypto-asset service provider in the Middle East in 2019 by the Central Bank of Bahrain.  The platform serves as a safe space to buy, sell and store approved cryptocurrency at competitive pricing and fees. Rain continues to evolve as a company and develop the technology to optimize the user experience. Rain’s mission is to bring forward a trusted platform to all current and future customers in the cryptocurrency space.

Rain is a Crypto-Asset Services Provider headquartered in İstanbul. Rain provides services to its users at financial institution standards.

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