BlockBank announces Partnership with Umbrella Network
BlockBank is delighted to announce a partnership with Umbrella Network, which is a community owned decentralized oracle service providing secure, low cost, and massively scalable data solutions to blockchain applications.
Under this partnership, Umbrella Network will be providing secure and scalable price feeds to support BlockBank’s mobile platform and its suite of intelligent DeFi tools, AI-augmented investment advisors, cross-chain swapping facilities, and other Neobanking functionalities.
The Umbrella Network is the world’s first truly decentralized Layer-2 Oracle platform that serves the DeFi market by offering reliable, secure, and high-speed off-chain data for smart contracts and DeFi applications to function. The Layer-2 architecture helps store and relay scalable off-chain data to DeFi applications at significantly low costs.
Data ranging from major key pairs, core, mid, and long-tail pairs, along with real-world financial information can be retrieved by the community-owned Oracle platform. This data is further validated through the Delegated Proof of Stake (DPoS) consensus mechanism, which incentivizes validators to corroborate the retrieved data and add to its credibility.
The Umbrella Network is one of the most versatile blockchain oracles owing to the diverse array of information from both, real world and crypto assets, coupled with the low costs that the data is available at. Moreover, the Merkle tree mechanism helps deal with the scalability issue by processing and providing multiple transaction data for the fee of one.
Built for traditional traders and retail marketers, BlockBank brings together DeFi opportunities, and a neobanking experience, powered by AI risk management functionality. Its suite of services help traders earn a better Annual Percentage Yield (APY) by holding their blockchain assets in a non-custodial and cross-chain wallet with a built-in fiat gateway.
BlockBank is powered by the $BBANK utility token, which can be staked in its Crypto wallet. Staking $BBANK tokens enables users to gain access to BlockBank’s credit card rewards program, advanced AI Assistant for investment advice, and enhanced APY earnings.
BlockBank thus helps users with effortless access to DeFi applications and tokens to generate substantial yield without a high transaction fee. Moreover, the AI-based advisor collects and analyses data in real-time to offer valuable insights along with seamless Neobanking services and cross-chain swaps.
Umbrella Network Founding Partner Sam Kim says, “We are elated to announce our partnership with BlockBank and look forward to working with their talented team. Like Umbrella and many other projects recently, they have integrated recently onto Binance Smart Chain to join a growing community and ecosystem.
BlockBank is innovating to bring together opportunities in DeFi and more mainstream Neobanking applications and we are excited to provide our decentralized oracle solutions to provide a more accurate and broader diversity of pricing data to their platform.”
BlockBank CEO Kelghe D’Cruz says, “We are excited for our partnership with Umbrella Network as we look to deploy their scalable and secure data solution to enhance our suite of solutions including our cross-chain swapping and neobanking services.
We look forward to a long term relationship as we continue on our mission to further help bridge the gap between DeFi and CeFi applications, through our multi-purpose platform and non-custodial wallet”.
About BlockBank
BlockBank is developing an AI-powered, traditional mobile banking experience with seamless crypto integration.
BlockBank vision is to create an all-in-one crypto application that simplifies the user experience without compromising security, privacy, or decentralization. We aim to combine the best of DeFi and CeFi worlds in one place, incorporating patented AI technology to bring financial empowerment to clients.
Learn more about BlockBank here:
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, allowing for the batching of data to smart contracts accurately, securely, and inexpensively.
Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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For any inquiries, please contact us at marketing@umb.network
