Bitcoin News and Finance
Oracle Service API3 Partners With the Open Banking Project, Plans to Connect 400 Banking APIs to Blockchain Skip to main content

Oracle Service API3 Partners With the Open Banking Project, Plans to Connect 400 Banking APIs to Blockchain

On Monday, the oracle provider API3 announced a ten-year partnership with the Open Bank Project in order to connect more than 400 banking APIs to blockchain smart contracts using API3’s Airnode. The collaboration between API3 and the Open Bank Project aims to bridge conventional banking with blockchains and Web 3.0 applications.

API3 DAO Partners With the Open Banking Project Connecting Over 400 Banking APIs to Blockchain

During the last few months, there’s been greater interest in oracle providers like Chainlink, Band Protocol, API3, and DIA. Recently, Bitcoin.com’s news reported on a number of oracle-based tokens gathering two-digit gains.

Further, our newsdesk covered how Chainlink’s modular oracle for the Substrate framework aims to empower developers and decentralized finance (defi) applications with trusted off-chain information.

On April 19, API3, the project that claims to provide “decentrally governed and quantifiably secure data feeds,” revealed a partnership with the Open Bank Project (OBP). The API3 project is a DAO-governed protocol and the union with OBP will be for ten years. The project will provide over 400 banking APIs the ability to access Airnode, an open-source gateway developed by API3.

Essentially, OBP is an organization that promotes the standard of providing transparent and secure banking API access to third-party providers. In 2007, EU lawmakers made it so all banks must comply with open banking API standards.

Third-Party Dapp Developers Can Begin Rapidly Prototyping Blockchain Solutions, Traditional Finance and Crypto Converge

The alliance will use Airnode, a first-party oracle so “third-party decentralized application developers with the opportunity [can] begin rapidly prototyping blockchain solutions powered by Open Banking data.”

“We are absolutely thrilled to work with API3 on enabling Open Banking on the blockchain,” the Open Bank Project’s CEO Simon Redfern said during the announcement. “Hopefully, this will serve as a framework for financial regulators to explore and create new standards and set the foundation for the blockchain economy to converge with banking-based digital offerings.”

Use cases for leveraging the Open Banking standards with blockchain technology are endless as decentralized solutions for data verification are considered necessary on a global scale.

Banks and third parties can cohesively work together without needing as much trust as they did prior to distributed ledger tech. The two partners envision “data marketplaces and unions enabling banking customers to monetize their private financial data.”

“API3 is incredibly excited to see the blockchain industry begin to merge with Open Banking, and we can’t wait to see the innovative solutions that will grow out of this,” Heikki Vänttinen the cofounder of API3 remarked. “Now that traditional finance and crypto are converging, we hope this newfound connectivity between the two will build a foundation for the future of a digital banking experience inclusive of blockchain-enabled systems like defi,” the API3 cofounder concluded.

What do you think about API3’s ten-year partnership with the Open Banking Project? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory