CoinMENA integrates Chainlink to enhance the transparency of its crypto exchange

CoinMENA, the digital assets exchange focused on the MENA region, announced the live integration of Chainlink Price Feeds – decentralized data feeds of asset prices on various cryptocurrencies, FX rates, and traditional assets. CoinMENA is referencing Chainlink Price Feeds during all fiat-to-crypto transactions on the exchange.

According to a press release, CoinMENA’s integration of Chainlink Price Feeds brings outstanding transparency to fiat-to-crypto on/off ramps. Also, Chainlink Price Feeds provide auditability to the process without sacrificing data quality or security, as each data feed has comprehensive market coverage across all relevant exchanges and underlying infrastructure that’s been time-tested and proven resilient to failures and black swan events.

“Traditionally, many digital asset exchanges use opaque market data solutions and pricing methodologies that leave users wondering if they received the best price,” stated Dina Sam’an, founder and managing director of CoinMENA. “With Chainlink Price Feeds, our users can verify that the price they received is consistent with global markets, creating a whole new level of transparency for users of CoinMENA.”

Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates accurate global market prices with a high update frequency resistant to API/exchange downtime, flash crash outliers, and data manipulation attacks.

Chainlink also 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 price feeds.

“We are pleased to support CoinMENA by helping decentralize a key part of their digital asset exchange, resulting in their users getting increased reliability and transparency around backend processes while still getting enterprise-grade data quality and infrastructure,” said Tomasz Wojewoda, head of global sales at Chainlink Labs.

Headquartered in the Kingdom of Bahrain, CoinMENA is a digital asset exchange licensed and regulated by the Central Bank of Bahrain since 2019. CoinMENA specializes in providing secure crypto-focused investment services to users in the Middle East and North Africa.

Recently, CoinMENA has secured $9.5M in seed funding from BECO Capital, Kenetic Capital, Arab Bank Switzerland, Bunat Ventures, Rua Growth Fund, FTX investment arm Alameda Research and Girnas Capital. The exchange will use these funds further to dominate the crypto market in the MENA region.