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Swipe, a leading multi-digital asset wallet and Visa card platform acquired by Binance, has strategically partnered with Band Protocol for listing on Swipe Wallet and the launch of SwipeFi — a decentralized financial money market protocol launching soon on Binance Smart Chain. This is the first of numerous decentralized applications choosing to use Band Protocol’s scalable oracle technology on Binance Smart Chain.
Band Protocol has also been working closely with Swipe to design and integrate a highly secure custom price oracle for SXP/USD to diversify existing oracle dependencies such as update time and costs while ensuring the highest degree of trust and transparency in the token conversion process. Band Protocol will play a key role in optimizing Swipe’s existing oracle design for SXP-USD which only updates once every 24 hours or per 1% price deviation.
The listing on Swipe Wallet provides all users access to the BAND token which can be bought or sold using a bank account, credit or debit card. The wallet provides built-in access to the Swipe Visa Card which users can use to buy, sell, convert and spend BAND at over 60 million merchants worldwide who accept Visa.
“We are excited to work with Band Protocol to support all of our oracle needs for SwipeFi which achieves our priorities of scalability, accuracy and security of data. Through Band Protocol’s customizable oracle technology, we will utilize numerous data providers so there never is a central point of failure and we are thrilled to add the Band Price Oracles to our ecosystem.” Joselito Lizarondo, CEO of Swipe
SwipeFi is the first proposed decentralized financial lending protocol launching on Binance Smart Chain which will support various stablecoins and crypto assets to be deposited as collateral to earn interest or borrow against their collateral. As such, the accurate pricing of collateral and borrowed assets is critical in the liquidation and credit ratio process.
Band Protocol’s scalable oracles will be integrated into SwipeFi upon their launch on Binance Smart Chain to provide reliable and real-time price feeds that aren’t limited by exorbitant fees or technical resources required for cross-chain oracle compatibility. SwipeFi will be working closely with Band Protocol in the long-term to create custom decentralized oracles that have the capacity to exhaustively support any and all collateral assets while ensuring the highest degree of scalability.
“Band Protocol is thrilled to support SwipeFi with highly decentralized oracle technology upon their launch. This will ensure that collateral, liquidation and credit ratio protocols consume data from multiple high-quality data sources in a decentralized manner that provides the highest level of security guarantee.” Soravis Srinawakoon, CEO & Co-Founder of Band Protocol
More details revolving around this strategic partnership and long-term collaboration will be showcased shortly along with SwipeFi’s oracle designs leveraging Band Protocol oracle technology. Together, Band Protocol and SwipeFi are working towards building a new multi-billion dollar DeFi ecosystem on Binance Smart Chain that will bring scalable and innovative products to life.
copyright: Kevin Lu. Medium.com