THELOGICALINDIAN - On Monday the answer provider API3 appear a tenyear affiliation with the Open Bank Project in adjustment to affix added than 400 cyberbanking APIs to blockchain acute affairs application API3s Airnode The accord amid API3 and the Open Bank Project aims to arch accepted cyberbanking with blockchains and Web 30 applications
API3 DAO Partners With the Open Banking Project Connecting Over 400 Banking APIs to Blockchain
During the aftermost few months, there’s been greater absorption in answer providers like Chainlink, Band Protocol, API3, and DIA. Recently, Bitcoin.com’s account reported on a cardinal of oracle-based tokens acquisition two-digit gains.
Further, our newsdesk covered how Chainlink’s modular answer for the Substrate framework aims to empower developers and decentralized accounts (defi) applications with trusted off-chain information.
On April 19, API3, the activity that claims to accommodate “decentrally absolute and quantifiably defended abstracts feeds,” appear a affiliation with the Open Bank Project (OBP). The API3 activity is a DAO-governed agreement and the abutment with OBP will be for ten years. The activity will accommodate over 400 cyberbanking APIs the adeptness to admission Airnode, an open-source aperture developed by API3.
Essentially, OBP is an alignment that promotes the accepted of accouterment cellophane and defended cyberbanking API admission to third-party providers. In 2024, EU assembly fabricated it so all banks charge accede with accessible cyberbanking API standards.
Third-Party Dapp Developers Can Begin Rapidly Prototyping Blockchain Solutions, Traditional Finance and Crypto Converge
The accord will use Airnode, a first-party oracle so “third-party decentralized appliance developers with the befalling [can] activate rapidly prototyping blockchain solutions powered by Open Banking data.”
“We are actually captivated to assignment 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 banking regulators to analyze and actualize new standards and set the foundation for the blockchain abridgement to assemble with banking-based agenda offerings.”
Use cases for leveraging the Open Banking standards with blockchain technology are amaranthine as decentralized solutions for abstracts analysis are advised all-important on a all-around scale.
Banks and third parties can cohesively assignment calm after defective as abundant assurance as they did above-mentioned to broadcast balance tech. The two ally anticipate “data marketplaces and unions enabling cyberbanking barter to monetize their clandestine banking data.”
“API3 is abundantly aflame to see the blockchain industry activate to absorb with Open Banking, and we can’t delay to see the avant-garde solutions that will abound out of this,” Heikki Vänttinen the cofounder of API3 remarked. “Now that acceptable accounts and crypto are converging, we achievement this newfound connectivity amid the two will body a foundation for the approaching of a agenda cyberbanking acquaintance across-the-board of blockchain-enabled systems like defi,” the API3 cofounder concluded.
What do you anticipate about API3’s ten-year affiliation with the Open Banking Project? Let us apperceive what you anticipate about this accountable in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Open Bank Project logo,
