Band Protocol partners with digital asset data company Brave New Coin to bring decentralised price reference data to DeFi

Submitted 24/11/2020 - 10:27am

Brave New Coin, a data analytics and research company backed by Techemy Ltd, has joined forces with Sequoia-backed cross-chain data oracle platform Band Protocol to bring decentralised price reference data to the rapidly growing smart contract application ecosystem.

Band Protocol and Brave New Coin will work together to bring the globally weighted average spot prices for up to 1500-plus digital assets through the BandChain decentralised oracle network. This will allow smart contract developers to readily integrate and utilise these spot price oracles on any blockchain platform. Band Protocol has already been integrated by leading smart contract platforms including Ethereum, Binance Smart Chain, Cosmos, Polkadot, ICON, Waves, and Matic Network.

“Brave New Coin is an early adopter and supporter of DeFi protocols, having launched the first crypto pricing data oracles for smart contracts in 2016,” says Fran Strajnar, CEO of Brave New Coin. “More recently, Brave New Coin has launched a tradable DeFi Index, of which the BAND token is a constituent. Together with Techemy Group, Brave New Coin and Band Protocol are leading the way in bringing scalable, decentralised and non-custodial products and solutions for trading, investment and analysis for smart contract developers to seamlessly utilise.”

“Working with established and reputable enterprises such as Brave New Coin will be pivotal to Band Protocol’s success as we collaborate to provide a commercial solution that protects intellectual property and data privacy while enabling the smart contract world to interact with external data sources,” says Soravis Srinawakoon, CEO and Co-Founder of Band Protocol.

This long-term partnership will also enable premium data source owners with paywalls such as Brave New Coin to automatically collect revenue on-chain starting next year. Band Protocol's flexible oracle design benefits all stakeholders by allowing developers to create custom-made oracles with web APIs within minutes as well as enabling enterprises to commercialise their data by creating premium oracles for developers to integrate.

The Global Weighted Average Spot Price (GWA) provided by Brave New Coin works by providing a fair price for any tracked digital asset from near real-time trading across a global network of top crypto exchanges. With intraday, end of day price and volume inputs updated at a 30 second tick interval, developers in decentralised finance will be well equipped to build trustless applications using an independent, reliable, third-party price discovery oracle.
 

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