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handle.fi integrates Chainlink price feeds to bring decentralized Forex to Arbitrum One

the global DeFi FX protocol, handle.fi, is excited to announce it has integrated Chainlink Price Feeds on the Arbitrum One network, an Ethereum layer 2 scaling solution. By integrating the industry-leading Chainlink decentralized oracle network, the handle.fi protocol has access to high-quality, tamper-proof price feeds needed to maintain accurate stablecoin and FX pricing. This integration provides protocol users with stronger assurance that they are receiving the most up-to-date, accurate price references when creating and exchanging multi-currency stablecoins.

initial integration involves the use of Chainlink Price Feeds for the following Forex currencies: CNY, KRW, EUR, PHP, and AUD.

Chainlink was chosen as the go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of 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.

Integrating DeFi multi-currency stablecoins with Chainlink

at the beginning of 2021, the entire market capitalization of cryptocurrencies did not even match the daily spot volume of foreign exchange (Forex) markets. Despite considerable strides in innovation and the proliferation of USD stablecoin offerings, wider Forex DeFi offerings remain underdeveloped.

over the last twelve months, the handle.Fi community has worked diligently to bring its vision to reality. Handle.Fi has already closed initial funding and strategic rounds with some of the world’s leading DeFi investors. Additionally, handle.Fi is now delivering a protocol that offers multi-currency stablecoins, capital-efficient multi-collateral portfolio margin, and protocol stability through rapid liquidation mechanisms and 1:1 redemptions.

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