A DAO-governed project to create fully decentralised application programming interfaces (dAPI) API3 and the open-banking pioneer Open Bank Project have signed a ten-year agreement to connect more than 400 banking APIs to blockchains.
Today, we are incredibly thrilled to announce our ten-year development partnership with @OpenBankProject, the leading Open API middleware provider for the banking industry, and a global pioneer in the area of open banking. https://t.co/csR3Be0vPf
— API3 (@API3DAO) April 19, 2021
«This partnership will allow developers in the Web 3.0 space to begin exploring use cases for banking data in the context of decentralised finance», — said in an interview Decrypt co-founder of API3 Heikki Vanttinen.
API3 uses the Airnode technology. This open-source software transmits aggregated data directly from external providers to remove intermediaries and reduce costs. As a result, data providers, such as stock exchanges, can run applications on the same cloud hosting platforms that host their API services.
The software code is created and maintained by the DAO. Its participants share responsibility for the governance and maintenance of API3’s architecture.
«The API provider should not cede control over who has access to their application programming interfaces to a third-party organisation. This could become a viable solution for financial institutions to comply with existing data-handling rules» — explained Vanttinen.
API3 and Open Bank Project also intend to collaborate on promoting direct Airnode-powered blockchain banking connections to the latter’s partner and client network.
According to Open Bank Project chief executive Simon Redfern, the alliance could lay the groundwork for exploring and developing new standards with financial regulators.
As previously noted, in November 2020 Coinfirm integrated Chainlink oracles to combat money laundering in the DeFi sector.
In August 2020 Chainlink acquired the DECO private-oracle solution, which can be effectively used in the realms of decentralized lending and identity.
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