YouHodler Partners with Chainlink to Offer Better Crypto-Backed Fiat Loans

Announcements, Blockchain, News | October 14, 2021 By:

YouHodler, a fintech platform that helps people access the benefits of the crypto economy, is now using oracle solution Chainlink to increase the transparency and reliability of its backend pricing mechanisms.

Chainlink Price Feeds will allow access to high-quality decentralized exchange rates on various cryptocurrency price pairs, which are then referenced in YouHodler’s lending product when determining users’ borrowing limits and checking the collateralization of outstanding loans. Its integration will ensure their lending product consistently reflects current market prices in a manner any user can independently verify as fair.

YouHodler is designed for beginners and expert users who are looking for a secure alternative to traditional investments in the current low-yield, high-inflation global economic environment. To that end, YouHodler offers high-yield crypto-savings accounts, crypto-backed lending with fiat, and secure fiat-to-crypto and crypto-to-crypto conversions. YouHodler supports over 30 popular cryptocurrencies and tokens as collateral for crypto-backed lending, including BTC, ETH, SUSHI, UNI, COMP, LTC, XLM, SNX, HT, REP, and more.

According to YouHodler, the open-source decentralized oracle technology of Chainlink will enhance the assurances users receive on their FinTech platform. Chainlink Price Feeds provide new opportunities to improve the reliability and auditability of the data we use to trigger key backend processes like issuing new loans and liquidating under-collateralized loans—all without sacrificing on data quality or security. This means YouHodler has effectively outsourced the rates users receive when taking on crypto-backed fiat loans, leading to more auditability when compared to more opaque traditional FinTech and CeFi platforms.

“With Chainlink Price Feeds, we now have a more reliable and transparent backend pricing mechanism, ensuring our crypto-focused lending product consistently reflects current market prices in a manner any user can independently verify as fair,” stated Ilya Volkov, CEO of YouHodler. “Integrating Chainlink Price Feeds marks a key step in creating a hybrid FinTech platform the leverages the advantages from both centralized and decen