YouHodler Companions with Chainlink to Supply Higher Crypto-Backed Fiat Loans
YouHodler, a fintech platform that helps individuals entry the advantages of the crypto economic system, is now utilizing oracle resolution Chainlink to extend the transparency and reliability of its backend pricing mechanisms.
Chainlink Value Feeds will enable entry to high-quality decentralized change charges on numerous cryptocurrency value pairs, that are then referenced in YouHodler’s lending product when figuring out customers’ borrowing limits and checking the collateralization of excellent loans. Its integration will guarantee their lending product constantly displays present market costs in a way any consumer can independently confirm as honest.
YouHodler is designed for newbies and professional customers who’re on the lookout for a safe various to conventional investments within the present low-yield, high-inflation international financial setting. To that finish, YouHodler provides high-yield crypto-savings accounts, crypto-backed lending with fiat, and safe fiat-to-crypto and crypto-to-crypto conversions. YouHodler helps over 30 common cryptocurrencies and tokens as collateral for crypto-backed lending, together with BTC, ETH, SUSHI, UNI, COMP, LTC, XLM, SNX, HT, REP, and extra.
In accordance with YouHodler, the open-source decentralized oracle know-how of Chainlink will improve the assurances customers obtain on their FinTech platform. Chainlink Value Feeds present new alternatives to enhance the reliability and auditability of the information we use to set off key backend processes like issuing new loans and liquidating under-collateralized loans—all with out sacrificing on information high quality or safety. This implies YouHodler has successfully outsourced the charges customers obtain when taking up crypto-backed fiat loans, resulting in extra auditability when in comparison with extra opaque conventional FinTech and CeFi platforms.
“With Chainlink Value Feeds, we now have a extra dependable and clear backend pricing mechanism, making certain our crypto-focused lending product constantly displays present market costs in a way any consumer can independently confirm as honest,” said Ilya Volkov, CEO of YouHodler. “Integrating Chainlink Value Feeds marks a key step in making a hybrid FinTech platform the leverages the benefits from each centralized and decen