Velo Labs and Band Protocol Forms a Strategic Partnership

Band Protocol, the leading cross-chain data oracle platform that connects APIs and real-world data to smart contracts, has announced its strategic alliance with Velo Protocol that powers the cross-border remittance network. Data oracles are an integral part of every blockchain network that gives them the power to access real-world information that is created outside their native network, and which are not accessible otherwise by any blockchain network without the support of data oracles.

Therefore, Velo’s integration with Band Protocol will enhance smart contract functionalities by allowing them to access reliable data without the risk of any central point failure. Moreover, DeFi applications need price feeds on the token swapping process. The default price oracle of Band Protocol helps developers to build DeFi and to secure cross-border payments and digital credit issuance.

The decentralized oracles of Band Protocol also help to integrate foreign exchange and data related to the pricing of the token. Both the platform has agreed to a three-fold partnership, which states that both Band Protocol and Velo Labs would work in integration to execute their joint endeavor to stream, the power of decentralized oracles into Velo’s ‘federated credit exchange’ network.

Secondly, Band Protocol would be responsible for providing the most recent forex data oracles to support Velo. And thirdly, the token price data oracle that Band Protocol will incorporate with Velo will be leveraging the exchange rates to support Velo in its various objectives, bridging various value transfers, disconnected networks, and Velo’s very own international remittance industry.

In addition to this, both the platform has agreed to provide mutual help to each other, like Band Protocol will leverage Velo’s profound connections with both the CeFi & DeFi. Likewise, Velo will leverage Band Protocol’s rich sources of data. This will bring in significant security enhancements to both the platforms and ensure that all real-data requirements to secure borderless remittances are met successfully.