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Cronos Integrates Band Protocol To Provide Reliable External Data For the DeFi Apps

Cronos Integrates Band Protocol To Provide Reliable External Data For the DeFi Apps
  • Crypto.com’s Cronos announced a partnership with Band Protocol
  • The partnership with Brand protocol is a 2-way integration.

Crypto.com’s Cronos, the EVM chain running in parallel to the Crypto.org Chain announced a partnership with Band Protocol — a cross-chain data oracle platform that aggregates and unites real-world data and APIs to smart contracts.

The partnership with Band Protocol will allow Cronos to provide scalable and customizable decentralized oracle services. This includes providing reliable external data for the DeFi and apps on Cronos.

According to the Crypto.com team, the partnership with Band protocol is a 2-way integration. It means that Band Protocol will add Cronos real-time price feed as one of their data sources. Meanwhile, Cronos will connect with Band Protocol price feeds as the trusted partner for developers to create custom decentralized oracles to any external data needs.

Following this, Kris Marszalek, co-founder, and CEO of Crypto.com said,

“The addition of Band Protocol into the Cronos ecosystem comes highly recommended to all developers to connect any external data source and customize their decentralized oracles, which is essential for DeFi Dapps that need high quality, decentralized, real-time external financial data to run.”

Speaking of the partnership, Soravis Srinawakoon, co-founder and CEO of Band Protocol, couldn’t hide his excitement. He said that they are excited to team up with Crypto.com to bring Band Protocol oracles onto Cronos.

As a result, “this marks a significant enhancement in the infrastructure and tooling available for developers to build highly secure and reliable applications using decentralized oracles,” added Srinawakoon.

In addition, Band Protocol said that the Band Standard Dataset, which includes over 230+ price feeds for crypto assets, commodities, and foreign exchange, is open for Cronos developers.

Sharing similarities with Crypto.org Chain — a fully decentralized network, Band Protocol also built its blockchain on Cosmos SDK. Moreover, as Band Protocol sends data across blockchains even to those built on Cosmos,

This could enable a seamless transition for DeFi DApps on Cronos using price feeds from Band Protocol to function if they migrate to the Crypto.org Chain in the future, the team said.

On July 20, 2021, Cronos launched its testnet and is onboarding projects to the platform. What is more, two weeks ago, Crypto.com announced the integration of Chainlink Price Feeds into its Cronos testnet.

Furthermore, interested developers who are eager to build on Cronos with secure and decentralized oracles can connect with Band Protocol.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.