Oracle Service API3 Partners With the Open Banking Project, Plans to Connect 400 Banking APIs to Blockchain – Blockchain Bitcoin News

On Monday, API3 vendor Oracle announced a 10-year partnership with the Open Banking Project to connect more than 400 bank APIs to blockchain smart contracts using the Airnode API3. The collaboration between API3 and the Open Banking Project aims to bring traditional banking services closer together through blockchain and web 3.0 applications.

API3 DAO partner in an open banking project that connects over 400 banking APIs to theblockchain.

Interest in oracle providers such as Chainlink, Band Protocol, API3 and DIA has increased in recent months. A number of oracle-based tokens have recently appeared in Bitcoin.com news, generating double-digit returns.

In addition, our news service described how the modular oracle Chainlink for Substrate Framework is intended to provide developers and decentralized financial applications (definition) with reliable off-chain information.

The 19th. In April, API3, a project that claims to deliver decentrally managed and quantitatively secure data streams, announced a partnership with the Open Banking Project (OBP). The API3 project is a DAO-driven protocol and the alliance with OBP will last ten years. The project will give more than 400 bank APIs access to Airnode, an open source gateway developed by API3.

OBP is essentially an organization that promotes a standard for providing seamless and secure access to banking APIs for third parties. In 2007, the European legislator stipulated that all banks must comply with the API standards of Open Banking.

Dapp third-party developers can quickly begin prototyping blockchain solutions, traditional finance, and cryptoconvergence.

The alliance will use Airnode, the first third-party oracle, so decentralized application developers [can] begin rapidly prototyping blockchain solutions based on open banking data with the ability to.

We are very excited to partner with API3 to enable Open Banking on the blockchain, said Simon Redfern, CEO of the Open Banking Project, in the announcement. Hopefully, this will serve as a basis for financial regulators to explore and create new standards and lay the groundwork for the convergence of the blockchain economy with the digital offerings of banks.

The usage scenarios for open banking standards with blockchain technology are endless, as decentralized data verification solutions are considered necessary on a global scale.

Banks and third parties can work together in a consistent manner without having to rely on the same level of trust as they did before they became distributed ledger specialists. The two partners plan to create data markets and alliances that will enable bank customers to monetize their private financial data.

API3 is incredibly excited that the blockchain industry is starting to merge with Open Banking, and we can’t wait to see how innovative solutions emerge from this, says Heikki Vänttinen, co-founder of API3. As traditional finance and crypto converge, we hope this new connection between the two will lay the groundwork for future digital banking experiences, including blockchain-based systems like Defi, concluded the API3 co-founder.

What do you think of API3’s ten-year partnership with the Open Banking Project? Let us know what you think in the comments below.

Tags in this story

API3, blockchain, blockchain solutions, blockchain systems, data verification, DeFi, defibrillators, Heikki Vänttinen, OBP, Open Banking Project, Open Banking Standards, open source, Oracle, Oracle Open Banking, Oracle projects, Oracle protocols, Oracles, Simon Redfern, third-party API

Photo credit: Shutterstock, Pixabay, Wiki Commons, Open Bank project logo,

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