MyCryptoCheckout Integrates Chainlink Price Feeds to Secure Exchange Rates for Global Fiat to Cryptocurrency Conversions

chainlink

We’re excited to announce that MyCryptoCheckout—a peer-to-peer cryptocurrency payment gateway—has integrated Chainlink Price Feeds on the Ethereum mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, MyCryptoCheckout has access to high-quality, tamper-proof price feeds needed to convert worldwide fiat currencies into cryptocurrency prices. This will provide our users with strong assurances that exchange rates are highly accurate, up-to-date, and secure at all times.

Our initial integration involves the use of the following Chainlink Price Feeds: BNB-USD, BTC-USD, ETH-USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

To date MyCryptoCheckout is active on 2000+ webshops and has processed over 270,000 payments worth $88MM+. Additionally, the company recently launched a sister project—the cross-chain Rewards Token RWD —that aims to reinvent how customer rewards are distributed, exchanged, stored, and managed.

MyCryptoCheckout’s key features include:

  • Choice of 150+ cryptocurrencies
  • 0% transaction fees
  • Peer-to-peer payments
  • Use any crypto wallet you want
  • One-Click open in wallet buttons
  • Optional fiat auto settlement

In order to secure our exchange rates, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments, so we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.

After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:

  • High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
  • Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
  • Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
  • Reputation System  — 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 node operators and oracle networks.

“The integration of Chainlink’s decentralized price oracles provides the users of MyCryptoCheckout with highly stable, secure, and accurate exchange rates for fiat conversions. Crypto to fiat conversions are vital to our users for accurate ecommerce product pricing. We are excited to be working with Chainlink and the types of innovation it can lead to with regards to our payment API and newly launched cross-chain Rewards Token.” – Jesse Sneider, Co-Founder, MyCryptoCheckout

About Chainlink

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, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.

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