{"id":185649,"date":"2021-03-30T23:00:32","date_gmt":"2021-03-30T22:00:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=185649"},"modified":"2021-04-22T12:03:45","modified_gmt":"2021-04-22T11:03:45","slug":"110-year-old-thai-bank-scb-taps-into-defi-project-band-protocol","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/110-year-old-thai-bank-scb-taps-into-defi-project-band-protocol\/","title":{"rendered":"110-year-old Thai bank SCB taps into DeFi project Band Protocol"},"content":{"rendered":"<p>SCB 10X, the holding company of Siam Commercial Bank, Thailand\u2019s first commercial bank, said today it was joining decentralized finance (DeFi) project <a href=\"https:\/\/cryptoslate.com\/companies\/band-protocol\/\">Band Protocol<\/a> as a node validator, as per a <a href=\"https:\/\/twitter.com\/BandProtocol\/status\/1376845506601644035\">tweet<\/a> this morning.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Officially welcome one of the biggest financial institutions in Thailand as one of <a href=\"https:\/\/twitter.com\/search?q=%24BAND&src=ctag&ref_src=twsrc%5Etfw\">$BAND<\/a> oracle validators! <\/p>\n<p>DeFi x CeFi merge is becoming a reality and we are excited to be working with <a href=\"https:\/\/twitter.com\/SCB10X_OFFICIAL?ref_src=twsrc%5Etfw\">@SCB10X_OFFICIAL<\/a> to provide data oracle and secure over $8B+ in smart contracts ? <a href=\"https:\/\/t.co\/FbjasNmTnK\">https:\/\/t.co\/FbjasNmTnK<\/a><\/p>\n<p>&mdash; Band Protocol (@BandProtocol) <a href=\"https:\/\/twitter.com\/BandProtocol\/status\/1376845506601644035?ref_src=twsrc%5Etfw\">March 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Bangkok-based Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. \u2018Oracles\u2019 are third-party services, like Band Protocol or <a href=\"https:\/\/cryptoslate.com\/coins\/chainlink\/\">Chainlink<\/a>, that fetch data from <i>outside<\/i> a blockchain to within.<\/p>\n<p>Oracles are required because blockchains, by design, are immutable and secure stores of data, but cannot individually verify the authenticity of data being stored on them.<\/p>\n<h2>Bank protocol<\/h2>\n<p>As per the release, SCB 10X will validate and confirm blockchain-based financial transactions with other network nodes to increase security and transparency. This would help ensure the integrity of every financial transaction entered into the blockchain while preventing the chances of a financially engineered attack.<\/p>\n<p>&#8220;SCB 10X transitions to finance of the future by joining global DeFi developer Band Protocol as node validator. This is the first time in Asia that a financial services company is materially involved in DeFi,\u201d the holding company tweeted.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&quot;SCB 10X&quot; transitions to finance of the future by joining global DeFi developer \u201c<a href=\"https:\/\/twitter.com\/BandProtocol?ref_src=twsrc%5Etfw\">@BandProtocol<\/a>\u201d as node validator. This is the first time in Asia that a financial services company is materially involved in DeFi.<a href=\"https:\/\/twitter.com\/hashtag\/SCB10X?src=hash&ref_src=twsrc%5Etfw\">#SCB10X<\/a><a href=\"https:\/\/t.co\/XrukdC1uQM\">https:\/\/t.co\/XrukdC1uQM<\/a><\/p>\n<p>&mdash; SCB 10X (@SCB10X_OFFICIAL) <a href=\"https:\/\/twitter.com\/SCB10X_OFFICIAL\/status\/1376830506898100228?ref_src=twsrc%5Etfw\">March 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>SCB 10X head of venture Kaweewut Temphuwapat said the firm had established a blockchain lab to bring together a team of blockchain developers within the organization to develop blockchain innovations.<\/p>\n<p>\u201cAs seen in this collaboration, we are participating as one of Band Protocol\u2019s 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,\u201d Temphuwapat said in a statement.<\/p>\n<h2>BAND shows muted reaction<\/h2>\n<p>The move marked the first-ever instance of a legacy institution getting involved in the burgeoning crypto space in the Asia Pacific region, and one of the first global instances of a financial giant taking part in a public DeFi network.<\/p>\n<p>Meanwhile, Band Protocol\u2019s native token, BAND, did not move much on the news. Data from markets tool <a href=\"https:\/\/www.coingecko.com\/en\/coins\/band-protocol\">CoinGecko<\/a> shows the token rose a paltry 0.5% on the day. It\u2019s returned over 8.6% to investors over the past week, however, and a staggering 5,288% over the past year.<\/p>\n<p>BAND trades at $14.35 at press time and has a market cap of $329 million. It is used as a medium of exchange for transfer\/data request fees as well as in staking to ensure accountability from a global pool of validators.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SCB 10X, the holding company of Siam Commercial Bank, Thailand\u2019s first commercial bank, said today it was joining decentralized finance (DeFi) project Band Protocol as a node validator, as per a tweet this morning. Officially welcome one of the biggest financial institutions in Thailand as one of $BAND oracle validators! DeFi x CeFi merge is [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":185654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,76747,37],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>110-year-old Thai bank SCB taps into DeFi project Band Protocol<\/title>\n<meta name=\"description\" content=\"The Siam Commercial Bank said today it was joining decentralized finance (DeFi) project Band Protocol as a node validator.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/110-year-old-thai-bank-scb-taps-into-defi-project-band-protocol\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"110-year-old Thai bank SCB taps into DeFi project Band Protocol\" \/>\n<meta property=\"og:description\" content=\"The Siam Commercial Bank said today it was joining decentralized finance (DeFi) project Band Protocol as a node validator.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/110-year-old-thai-bank-scb-taps-into-defi-project-band-protocol\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-30T22:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-22T11:03:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/thai-bank.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/110-year-old-thai-bank-scb-taps-into-defi-project-band-protocol\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/110-year-old-thai-bank-scb-taps-into-defi-project-band-protocol\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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