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The field of decentralised finance [DeFi] has been rapidly evolving in the last six months, and those in the media have taken note. SCB 10X, the holding company of Siam Commercial Bank, announced its latest step into the DeFi ecosystem by joining Band Protocol as a node validator.
According to the official announcement,
“[…] SCB Group tech holding company SCB 10X recently announced another milestone by becoming one of the node validators on a blockchain network operated by Band Protocol, Thailand’s number one data oracle blockchain developer and a global DeFi developer.”
To boost security and transparency, SCB 10X will now engage in validating and checking blockchain-based financial transactions with other network nodes.
Band Protocol is a cross-chain data oracle platform that links real-world data and APIs to smart contracts. Other ventures, such as Chainlink, have recently received recognition with their ‘Oracles,’ both of which would assist other companies in moving actual data from beyond a blockchain to inside.
According to the announcement, this is the first time in Asia that a financial services firm is materially interested in DeFi. According to Kaweewut Temphuwapat, Head of Ventures at SCB 10X, the firm has already developed a blockchain lab to bring on developers to work on blockchain developments.
“As seen in this collaboration, we are participating as one of Band Protocol’s node validators, allowing us to better understand and bring the potential of a decentralized financial system (DeFi) into reality, paving the way for other financial services in the future.”
It’s worth remembering that the holding company revealed a $50 million investment in DeFi startups and digital properties less than two months ago.
Band Protocol was among the first to sign a famous institution and invite them to the DeFi infrastructure. Sequoia China recently funded the newly launched Dragonfly Capital fund as part of its strategic limited alliance. Other players in the project included cryptocurrency exchanges such as OKEx, Huobi, Bitmain, and Bybit.
Meanwhile, Band Protocol’s BAND token has returned 178 percent year to date, with the alt up by 28% in the last 24 hours. The token was trading at $16.47 at the time of publishing.