Umbrella Network Announces Partnership with BlockBank
Umbrella Network is delighted to announce a partnership with BlockBank. BlockBank is an AI-powered, traditional mobile banking experience with seamless crypto integration.
The vision of BlockBank is to create an all-in-one crypto application that simplifies the user experience without compromising security, privacy, or decentralization.
Their mobile app launched back in 2019, and like many projects lately, they just recently expanded onto Binance Smart Chain, also having their IDO on BSCPad as of 28th April 2021. 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 helps 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, leverage advanced AI-assistant for investment advice, and enhance 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 Senior Advisor Sam Kim says, “We are elated to announce our partnership with BlockBank and look forward to working with their talented team.
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 Umbrella Network
Umbrella Network is a community-owned decentralized oracle service providing secure, low-cost, and massively scalable data solutions to blockchain applications.
Umbrella provides access to data previously unavailable to smart-contract developers across multiple segments including mid and long-tail crypto assets as well as real-world financial data.
At the center of the Umbrella Network is the $UMB token which helps in securing the network and is used by the community to stake, vote on key representatives, and earn rewards & user fees. Umbrella solves the scalability problem in oracles by leveraging a layer 2 solution and utilizing Merkle trees for batching transactions.
The network is community-owned and governed with the majority of token supply allocated to the community. Umbrella Network uses its technology to enable massively scalable, cost-effective, and secure access to outside data for blockchain developers.
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About BlockBank
BlockBank is the first fully licensed crypto bank. Working as an AI-enabled and smart cryptocurrency analysis and market-oriented platform, BlockBank makes the journey from an immature user to a professional trader easier. The smart system analyzes the market and several touchpoints to create an integrated suite of recommendations for the users. It offers higher security, precise information, and lower fee transactions while bridging the gap between the on-chain and the off-chain systems for better integration.
Learn more about BlockBank here:
