Oracle Service API3 Inks Deal With OBP To Merge Conventional Banking With DeFi

Popular oracle provider API3 has partnered with the Open Bank Project (OBP) to bridge the gap between traditional banking services and blockchains.

This ten-year partnership aims to connect over 400 banking APIs to blockchain smart contracts using “Airnode,” an open-source gateway developed by API3.

Bringing Fintech And Banking Customers Into DeFi

API3 is a startup focused on porting data into blockchains. It terms itself as a DAO-governed protocol that provides decentrally governed and quantifiably secure data feeds.

OBP, on the other hand, provides API data in the banking industry.

According to OBP founder Simon Redfern, the partnership between API3 and OBP would merge banking APIs with blockchain smart contracts, Web 3.0 applications, and decentralized finance (DeFi), thereby bringing fintech and banking customers into DeFi.

Redfern also said that he hoped the collaboration would serve as a framework for financial regulators to explore and create new standards for the blockchain economy to converge with banking-based digital offerings.

This move by the two companies would allow developers to explore blockchain solutions, such as data and identity verification systems.

Greater Interests In Oracle Providers

Oracle providers in blockchain are third-party services that help networks access off-chain data. They provide smart contracts with external information. Oracle providers have seen greater interest recently, as their tokens have seen their valuations rising.

Apart from API3, other oracle providers leading the market include Chainlink (LINK), Band Protocol (BAND), and DAI.

Chainlink is, in fact, a market leader with a market capitalization of $16 billion. It has integrated with over 400 projects to date. It is now working on second-generation solutions, as seen in its newly released whitepaper.

Another market leader, Band Protocol, recently announced an integration with Google Cloud Public Data to enable immediate and accurate financial time series data analysis.

With this integration with Google Cloud, traditional, hybrid blockchain and cloud applications can be built to leverage unique data feeds from decentralized oracle services, as reported by the company.

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