Chainlink announced another partnership with a DeFi platform. Sandbank is the new partner that will use Chainlink’s oracles to power financial products in its platform.
There are multiple investments and credit products in Sandbank’s Hybrid-DeFi platform that will use the accurate data provided by Chainlink’s price reference data. Initially, ETH/USDT, BTC/USDT, and USDT/USD will be accessible from Chainlink’s decentralized oracle.
Sandbank offers multiple services for users interested in crypto investments. It needs accurate price data to calculate interest rewards on investments, margin call rates for crypto loans, and exchange rates in instant coin swap for users.
“Because Chainlink’s price feeds are decentralized, pull from high-quality data sources, and exist on-chain to publically monitor, our customers receive even greater guarantees that they are always getting the going volume-adjusted market rate for financial products without any fear of internal or external manipulation,” according to the press release by Sandbank.
One of the most significant advantages Sandbank offers to its users is an hourly interest reward. It helps the investors have a more dynamic investment strategy, compared to similar platforms that provide daily or weekly interest rewards.
The hybrid system that Sandbank uses to offer financial products offers efficiency and transparency at the same time. It relies on off-chain sources to run the functionalities and combines it with on-chain data transparency to build more trust.
Sandbank wanted to offer more transparency to its users next to the dynamic interest reward solution. Chainlink’s oracle will now provide an accurate price that users need to decide more efficiently in about investment.
Sandbank CEO Hyunmyung Lee, said:
“Sandbank’s mission is to build a fast, efficient, safe and trustworthy platform where users can constantly get passive income on their digital asset holdings. Our integration with Chainlink brings us a step closer to achieving this, ultimately allowing us to provide customers with a better banking service in the digital asset industry. Through Chainlink’s on-chain price feeds, we can offer users unparalleled transparency while still receiving all the centralized guarantees users want when securing precious financial assets.”
If you found this article interesting, here you can find more Chainlink News
