Cashaa and Chainlink collaborate to bring DeFi to the Masses
We are pleased to announce that Cashaa, a next-generation banking platform, is integrating Chainlink Price Feeds—open-source, decentralized price feeds that provide accurate, tamper-proof exchange rates on various cryptocurrencies, stablecoins, indexes, commodities, and more.
In the last two years, Cashaa has helped more than 250 crypto businesses to access crucial banking infrastructure to transact billions of dollars. But our vision is to empower everyone to take control of their finances through DeFi technologies. We started to roll out personal accounts which include payments, lending, earning, and NFT solutions in which, Chainlink to provide definitively truthful data to these product lines via secure and reliable oracle networks.
Our initial integration involves referencing Chainlink Price Feeds during NFT API conversion for business and individual users and later in Lending solutions in order to calculate a user’s borrowing capacity and verify their loan collateralization. Cashaa Lend is a particularly novel service enabling crypto-backed loans starting at 0% APR. Since Chainlink Price Feeds are decentralized and publicly verifiable, we are able to provide Cashaa users with a new level of transparency and fairness when it comes to determining fair market rates for issuing loans and liquidating under-collateralized positions.
Chainlink Price feeds are used because they are the most time-tested and provably reliable solution in the blockchain industry, securing tens of billions of dollars for numerous leading projects, even during periods of extreme market volatility. While Chainlink Price Feeds are widely used today throughout decentralized finance (DeFi), as traditional finance (TradeFi) platform it will help Cashaa to build interoperable solutions across our partners.
When reviewing various options to build the world’s first interest-free lending solution, Chainlink Price feeds stood out in terms of the unique combination of data quality, security, decentralization, and transparency. Some of the unique benefits of Chainlink Price Feeds include:
High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators. Our data aggregation model generates accurate global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks.
Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability.
Decentralized Network — Chainlink Price Feeds are decentralized at the data source and network transmission levels, generating strong protections against downtime and tampering by either the data provider or the delivery network.
Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of the price feed networks, as well as check the real-time prices being offered.
“Integrating Chainlink Price Feeds will enable us to provide enhanced transparency and reliability around backend execution of processes. This will ensure our products are consistently backed by fair market rates that are resistant to unilateral tampering” stated Kumar Gaurav, CEO of Cashaa.
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.
Cashaa launched in 2017 with a singular vision — to aid the adoption of blockchain-based financial products. Cashaa has been helping businesses exposed to cryptocurrencies access crucial banking infrastructure and deliver powerful products to their users. In the last two years, Cashaa has onboarded more than 250 crypto-native businesses who transacted over $1 billion using the Cashaa solution — helping to power the banking features used by heavyweights like Nexo, Paxful, Kucoin, Coindcx, Unocoin, Bitbns etc.
As part of Cashaa’s vision to empower individuals to take control of their finances and access the latest in DeFi technologies, In 2021, Cashaa will be rolling out personal accounts across the globe — starting with India.