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BAND Cryptocurrency Surges 32% After Google Partnership

April 15, 2021 12:46 pm
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BAND Cryptocurrency Surges 32% After Google Partnership

Cross-chain data oracle blockchain, Band Protocol, announced that Alphabet Inc (NASDAQ:GOOGL)'s Google will be integrating its decentralized oracle solution on Google Cloud BigQuery.

What Happened: “The integration and use-case of $BAND enable reliable price discovery mechanisms – crucial to all capital markets,” stated Band on Twitter.

The news was perceived as extremely bullish for Band, as the protocol surged 18% in the 30 minutes of announcing the news.

Over the past 24-hours, BAND gained 37%, and the trading volume for the cryptocurrency was up by 229%.

At the time of writing, BAND was trading at an all-time high of $22.07. Year-to-date, the cryptocurrency has grown by over 300%.

Why It Matters: “The data we’re using comes from the Band Protocol public dataset available in Google BigQuery,” said Evgeny Medvedev, a Google Cloud developer.

Band’s sample query will allow users to gain access to the latest and historical prices in USD of 100 currency pairs, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Decentralized oracle solutions have provided an important piece of infrastructure across crypto markets, but so far, Chainlink has dominated the space being the “preferred oracle solution” for a majority of DeFi protocols.

Band’s new partnership with Google was said to be “massive news” by several traders in the space.

“These are the announcements that fundamental analysis does not cover,” said one trader, adding that betting on good projects with real and fast development eventually pays off.

Band was initially launched on the Ethereum blockchain as an ERC-20 project but later migrated to the Cosmos network after the release of Band Protocol 2.0. The project has received investment from major investors like Sequoia Capital, Dunamu & Partners, Spartan Group, and Binance.

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