Binance Announces Market Data Support For Band Protocol Oracle Platform

Binance announces market data support for Band Protocol’s oracle platform on the exchange so all of the smart contracts using Band Protocol will have the access to see the live price data from all of the exchange’s crypto pairs as we are reading further in the Binance news below.

According to the announcement, the system facilitates the cross-chain transactions that only rely on external data such as the peer-to-peer currency exchange. The Protocol’s Open API allows the smart contracts to rely on the information about the transactions to another blockchain which provides that both parties are connected.

Binance announces market data support and also the potential use-cases for the technology including the restoring access to BNB for Ethereum’s ecosystem of the dApps. After the launch of the Binance Chain, the ERC-20 version of Binacne Coin got dropped. The only way to swap ETH with BNB was to use the centralized exchanges so the integration with the protocol now restores the ability to swap the tokens without direct intermediaries.

Band Protocol’s CEO Soravis Srinawakoon explained the integration of a stepping stone that will facilitate further growth of the Decentralized Finance space by saying:

 “We are excited to work with Binance to make the promise of DeFi a reality through our OpenAPI. This enables anyone to create decentralised applications that can use Binance’s 600+ crypto data which is a great source of price discovery. What’s most exciting is that this will open doors for more finance and enterprise use cases to come as our platform can connect to any available API online.’’

As per the other Binance news, the Binance CEO will sue the publication named The Block over alleged false reporting. For all of you who did not know, the publication recently published an article which claimed that Binance’s Shanghai office was receiving attention from the Chinese police. After a wide backlash over the actual accuracy of the article, the Binance CEO will sue The Block – and demanded that the publication must “apologize” but ruled out any court action. The Block even released a follow-up piece defending its stance.

The local sources also noted that the report of the Shanghai-based publication explained that the office was operated by Babi Finance which is a blockchain-related media company and not directly by Binance. According to the Block director of Research Larry Cermak, explained that the exchange hired employees through Babi finance and that it did not explicitly state that the offices belonged to Babi.