The decentralized finance (DeFi) terrain of the Blockchain space continues to witness a massive turnaround in fortune as the space begins to interest its users and investors. The financial-related provisions of the applications in the space continue to attract investors and new partnerships. In a recent announcement by one of the subsidiaries of Siam Commercial Bank Group (SCBG)- SCB 10X, it has announced a new partnership with popular DeFi protocol- Band, set to improve the fortunes of the DeFi protocol. According to the announcement, the Blockchain startup will automatically become one of the Band Protocol’s node validators.
SCB 10X will help Band Protocol with financial security protocols
The Band Protocol announcement, that it has partnered with SCB 10X comes with so much optimism, especially in the Thailand Blockchain space where both firms are located. Since its creation in January 2020, SCB has proven itself as a worthy FinTech and Venture Capital. The Blockchain-affiliated startup, since its inception, has leveraged several innovative technologies to create and deliver value to its growing customers. On the other hand, Band Protocol, since its inception, has been leveraging on the oracle platform to connecting smart contracts with live data.
However, the two platforms are now set to collaborate in a partnership set to be the first of its kind in Thailand’s Blockchain space. SCB 10X has also released an official statement on their social media handle confirming the news. According to the report of SCB 10X, the Fintech giants confirm that they will be validating and confirming financial-related and Blockchain-based transactions within nodes on the Band Protocol. The announcement also confirmed that SCB 10X would be tasked with ensuring financial security and transparency within the Band Protocol.
SCB 10X already building a Blockchain lab
In his statement to the press, SCB 10X’s Head of Venture, Kaweewut Temphuwapat, believes that the involvement of SCB with the affairs of Band Protocol will be the beginning of a new era in the DeFi space. The Executive also confirmed that, because of the partnership, SCB 10X is looking towards creating a Blockchain lab; Temphuwapat believes that there is a need to create such a laboratory and bring in Blockchain expatriates if they want to add more value to the Band Protocol.
However, he has also expressed his delight in the partnership, as he believes that it will further improve the fortune and reality of a genuinely decentralized blockchain financial system. Temphuwapat also confirmed that, while Band Protocol is the first DeFi firm they would be working with, it will certainly not be the last, as they have other DeFi protocols on their list.
While the new announcement’s news seems to excite everyone, the native token of the Protocol- BAND, does not seem to be excited. The token, which had been in some slow fortunes recently, did not react to the news. The token’s price is currently $14.05 and has only gone up by a mere 7.5% all week. However, with the new partnership and what it tends to bring to the Protocol, many investors will hope for a rapid turnaround in fortune.