Chainlink

Once you add your bank card to your Rain account, you can use it to buy Chainlink directly. You can start by adding your card to your payment options on your Rain account. To purchase Chainlink using your bank card, you can select Chainlink, click Trade then select Buy. Enter the amount you wish to buy and choose your card from the payment options. Click Next to review and complete your purchase by following the instructions on the screen.

note: The purchase option with debit or credit card is not available for our users in Turkey

Rain enables you to buy Chainlink using your local currency. You can deposit funds through bank transfer, a process which takes 1-4 business days depending on your location. You can start by depositing funds to your Rain account from your bank account. Simply click on Deposit and enter the amount you would like to transfer. Click next and copy the instructions that will appear on your screen to complete the transfer from your bank account. Note that Rain does not automatically pull funds from your bank account and you will need to manually transfer the funds from your bank account to Rain's banking information.

Within 1-4 business days, the funds will be available in your Rain account and you will be able to use them to complete purchasing Chainlink. To do that, you can select Chainlink in your Rain account, click Trade and select Buy. Enter the amount you wish to buy with and click Next to review and confirm your purchase.

This is an easy process that requires only a few clicks. Here are the steps needed to sell Chainlink successfully:

On your Rain account, select Chainlink then click Trade and select Sell. Enter the amount you wish to sell and click Next to review and confirm your sell transaction by entering an OTP. You will receive a confirmation email once the transaction is done with the details.

Rain gives you the opportunity to sell Chainlink and withdraw your funds from your Rain account to your local bank account. First, you need to add your personal bank account to your Payment Methods option on your Profile.

Once your bank account is added, you can sell Chainlink and withdraw the funds to your bank account by clicking on Withdraw and entering the amount you wish to withdraw. Click Next to review and confirm your withdrawal information by entering an OTP.

Once the withdrawal request is submitted, you will receive a confirmation email that the withdrawal is being processed. Processing your withdrawal request can take between 1-4 business days.

If you would like to receive Chainlink in your Rain account, simply click on Receive and select Chainlink from the list at the top of the page. You can then either copy the address visible at the botom of the screen or share the QR code to to complete your receive transaction.

Make sure that you are using the correct network when receiving Chainlink to avoid possible loss of funds.

LINK is the native token used on Chainlink, which is a decentralized network that connects smart contracts with real-world data. Chainlink allows blockchain applications to access off-chain information like market prices, weather updates, and payment data in a secure and reliable way. LINK is the network’s native token, used to pay for data services and reward node operators.

Who created Chainlink? Chainlink was founded in 2017 by Sergey Nazarov and Steve Ellis. The project was launched by a company called SmartContract.com, which aimed to solve one of blockchain’s biggest limitations, which is the inability for smart contracts to directly access external information. Chainlink quickly became the leading “oracle” network in the crypto ecosystem.

What problem does Chainlink solve? Most blockchains can’t access information outside their own network. Chainlink solves this problem through decentralized oracles (a tool that brings real-world data into a blockchain) to deliver accurate, tamper-proof information from the outside world into smart contracts. This makes it possible for decentralized finance (DeFi), insurance, gaming, and many other blockchain apps to function using real-world data.

How does Chainlink work? Chainlink uses a network of independent node operators, called oracle nodes, that collect and verify data from external sources before sending it to a blockchain. The system combines multiple sources to prevent errors or manipulation, ensuring that smart contracts receive reliable information. Node operators are paid in LINK tokens for providing accurate data and maintaining network integrity.

What is the LINK token used for? LINK is the utility token that powers the Chainlink ecosystem. It is used to pay node operators for delivering data and to reward honest behavior on the network. Developers who need Chainlink’s oracle services pay fees in LINK, while node operators stake LINK as a form of security to align incentives and protect against false reporting.

What makes Chainlink unique? Chainlink was the first project to successfully decentralize oracle services, solving a key vulnerability in smart contract systems. Its multi-layered network design ensures security and accuracy by using multiple data providers and nodes to confirm information. This decentralized model has made Chainlink the most widely adopted oracle solution across the blockchain industry.

What are the main uses of Chainlink? Chainlink is used across various sectors in crypto. In DeFi, it powers price feeds for lending platforms and decentralized exchanges. In insurance, it provides weather or event data to trigger payouts automatically. In NFTs and gaming, it supplies verifiable randomness for fair outcomes. Chainlink essentially acts as the bridge between blockchains and the real world.

How many LINK tokens exist? Chainlink has a total supply of 1 billion LINK tokens. A portion was distributed during its initial token sale, while the rest is reserved for node operator rewards and future ecosystem development. The supply is not inflationary, meaning no new LINK tokens are created beyond the total cap.

What are the benefits and risks of Chainlink? Chainlink’s main advantages are its reliability, security, and wide adoption. It’s trusted by leading DeFi protocols and enterprises to deliver accurate data without central points of failure. However, like other crypto assets, LINK’s price can be volatile, and its adoption depends on continued growth of blockchain-based applications that rely on oracle services.

How can I use LINK on Rain? You can trade LINK on Rain very easily. To buy LINK, visit the buy page, and select your fiat account or your debit or credit card to complete your purchase within a few moments. We have created this step-by-step guide to walk you through the process. You can also send or receive LINK through your Rain account, or store your LINK using Rain’s secure custodial services. You can always refer to our 24/7 support for any questions or needed assistance.

Is it safe to hold LINK on Rain? Yes. At Rain, your LINK is protected by strong regulatory oversight, advanced security systems, and robust custody practices. As a licensed and regulated platform under the Central Bank of Bahrain and ADGM in the UAE, Rain maintains a strict 1:1 asset to funds ratio and undergoes independent audits to ensure transparency. However, some risks remain outside of Rain’s control, and customers are always advised to conduct their research before trading.