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How Injective and Band Protocol will take DeFi to the next level

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Injective Protocol has announced that it will expand its partnership with Band Protocol. As such, it will operate a validator node for BandChain.

In exchange, Band Protocol will begin participating in Equinox Staking, according to an official post. This is part of Injective Protocol’s testnet preparations for its upcoming mainnet deployment.

Injective is a second layer decentralized exchange created to offer derivatives and “borderless DeFi”. Users can trade any derivatives on its platform without the traditional market restrictions. The protocol is backed by Pantera Capital and Binance.

On the other hand, Band Protocol is an oracle service provider that operates cross-chain data connecting it to smart contracts. Its oracles are used to feed many decentralized applications such as DEX, prediction markets, on-chain games, and others. Backed by Sequoia Capital, it offers a platform without a single point of failure.

The partnership between the referenced protocols has a precedent with the launch of a platform for trading decentralized financial derivatives.

Developed in conjunction with Terra and Mirror Protocol, users can benefit from a decentralized platform to trade derivatives based on shares of Tesla, GameStop, Amazon, and other companies.

Band Protocol’s Oracle integration with Injective Protocol

The latest cooperation is a reinforcement to strengthen the relationship between the protocols. According to the post, Band Protocol’s oracle service will be integrated into Injective Protocol’s financial derivatives ecosystem.

Thus the latter will be able to expand. Injective CEO Eric Chen believes that they have remained “close friends” with Band Protocol since its inception. Chen added:

We’re really excited for the Cosmos ecosystem projects to work together and secure a robust oracle and derivatives primitive alongside Band Protocol right from the start!

Band Protocol team said are “looking forward” to being able to support the expansion of Injective’s ecosystem with their oracles. In addition, they believe that Equinox genesis validators will have a “diligent” execution towards the mainnet.

CEO and Co-Funder of Band Protocol Soravis Srinawakoon said the following on the cooperation:

Band Protocol has been a close collaborator of Injective from the beginning — most notably, our teams launched the world’s first decentralized stock futures trading in collaboration with Terra and Mirror Protocol. We are proud to become a genesis validator on Injective in the lead up to their Mainnet and vice versa, have their team operate a BandChain node to further both teams’ interests.

At the time of writing, BAND is trading at $17,57 and seems to be reacting positively to the announcement with 1.8% gains in the daily chart. In the 7-day chart, BAND has 6.6% profits and 17.5% in the past month.

Band Protocol BAND BANDUSDT
BAND showing gains in the daily chart. Source: BANDUSDT Tradingview

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Source: https://www.newsbtc.com/news/how-injective-and-band-protocol-will-take-defi-to-the-next-level/

Blockchain

KnitFinance Raises $1M in a Round Led by Leading Blockchain Investors

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[PRESS RELEASE – Please Read Disclaimer]

May 6, 2021, British Virgin Islands – KnitFinance, the first Polkadot-based cross-chain asset wrapping protocol is pleased to announce that it has successfully raised $1 million in its latest fundraising round. This comes as KnitFinance approaches its SHO on DAO Maker scheduled to take place on May 17. The project’s initial market cap is ultra-low with immense scope for exponential growth.

Reputed blockchain technology investors who helped successfully close the funding round include DAO Maker, AU21 Capital, LD Capital, Orion, x21, Nabais Capital, Insight Capital, Momentum 6, Bitcoin.com, pSquare Capital, Chronos Ventures.

Apart from the above, CXOs of many prominent projects have also pledged their support as investors. The fundraising attracted immense participation, leading to 50x growth commitments.

Along with capital support, the investors have joined hands to bootstrap liquidity on platforms like Uniswap and to help offer a smooth experience to users right from the start. They will also help the KnitFinance team engage in global and regional marketing efforts to generate awareness globally about the platform and its mission.

30 more well-known projects with some of them boasting of multi-billion dollar valuations have also partnered with KnitFinance. The news regarding the same will be announced very soon. KnitFinance team consists of highly respected veterans from the cryptocurrency and blockchain industry.

The platform’s Beta version already went live last December and is currently supporting wrapped assets on 5 blockchains. KnitFinance bridges multiple chains by making multiple assets available on every compatible blockchain network. The platform’s real-world insured wrapped token feature ensures that any digital and lockable asset can be yielded, lent, borrowed, margin traded, and farmed enabling billions of dollars of idle assets to be productive in turn expanding the useability of the DeFi ecosystem.

Knit locks assets with custodians in the real world, which are insured up to $350 million, bringing real-world and reliable insurance into DeFi.This will potentially enable the next wave of liquidity, real-world assets worth trillions of dollars to enter the DeFi world onto multiple chains.

The platform is working to elevate the financial inclusion quotient of DeFi to much higher levels and reduce the entry barriers and asset risk for potential users at the same time. It is 100% decentralized and is solely dependent on user consensus for governance.

The team behind the platform is working tirelessly to give shape to this belief. Together with an enthusiastic community and network of partners, they are charged up in their mission to unlock the true potential of DeFi.

Furthermore, KnitFinance plans to list their native k tokens on top-tier crypto exchanges, such as Binance, Huobi Global, OKEx, Kucoin, Gate.io, etc., enhancing the global liquidity of KNIT tokens and as well as wrapped assets in the future.

Connect with us for more information on:

Website: https://knit.finance
Telegram community: https://t.me/knitfinance
Telegram channel: @knitfinanceann
Twitter: https://twitter.com/KnitFinance

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Source: https://cryptopotato.com/knitfinance-raises-1m-in-a-round-led-by-leading-blockchain-investors/

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Blockchain

Bitcoin Has No Existential Threats, Says Michael Saylor

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The CEO of MicroStrategy – Michael Saylor – outlined that the leading digital asset Bitcoin has no existential threats. According to him, the cryptocurrency will dominate the 21st century as a store of value.

The Future For BTC

Michael Saylor expressed his opinion about the primary cryptocurrency Bitcoin on a YouTube interview for Kitco News today (May 6th). He gave a very optimistic forecast regarding the future of the digital asset, saying that it does not face any significant threats over its main use case even if authorities ban it in the future.

According to Saylor, bitcoin will be the most influential cryptocurrency in the 21st century and will lead the crypto community for the time coming:

”I think that Bitcoin is going to be the emerging strong money store of value asset in the 21st century. There are 8 billion people that need strong money or a monetary asset. If they’re going to live a decent life, that asset needs to be digital.”

Additionally, MicroStrategy’s CEO specified that the competitors of the first-ever cryptocurrency are assets like gold and not the US dollar.

Furthermore, Michael Sayler gave Turkey as an example where the country officials banned BTC but did not manage to disband it as a trading platform. He added that Turkey’s actions of restricting the digital asset aimed to protect the economically shaken Turkish lira.


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Will MicroStrategy Invest in Ethereum?

While the second-largest cryptocurrency – Ether – has been increasing in price lately, many companies and investors got involved and bought.

Michael Saylor, though, said that MicroStrategy has no plans to invest in ETH. According to him, Bitcoin and Ethereum have very different structures. He even classified investing in ether as risky and confirmed that MicroStrategy would focus only on the primary cryptocurrency:

”I don’t think it’s appropriate for corporate treasury, and it’s not really appropriate for us. Our business is to acquire and to hold bitcoin. I think that crypto applications will be appropriate for crypto venture funds and crypto-specific technology investors.”

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Source: https://cryptopotato.com/bitcoin-has-no-existential-threats-says-michael-saylor/

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Blockchain

South America’s Largest E-Commerce Company Adds $7.8M Worth of Bitcoin to its Balance Sheet

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Mercado Libre – the leading fintech and e-commerce company in Argentina – has joined other large corporations in holding BTC on its balance sheet. The institution revealed it purchased $7.8M worth of the cryptocurrency.

Another Company to Buy BTC

Purchasing the primary cryptocurrency and adding it to their balance sheets seems like a growing trend for many of the world’s largest companies lately. As revealed earlier this year, the electric vehicle giant Tesla, the payment firm Square, and the software company MicroStrategy were among the most recognizable names to enter the Bitcoin community by buying considerable amounts.

The latest to join the BTC bandwagon is the leading e-commerce organization in Latin America – Mercado Libre. The company filed a document with the SEC showing it has bought bitcoin worth $7.8 million in the first quarter of 2021. Mercado Libre, which trades under the initial of MEDI on Nasdaq, has a market capitalization of more than $76 billion.

The company revealed that buying portions of the primary cryptocurrency is part of its treasury strategy:

”As part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets.”

Interestingly enough, soon after the firm revealed the BTC purchase, its stocks increased by more than 1%.


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Mercado Libre’s BTC Endeavors

Mercado Libre’s investment marks the second pro-bitcoin approach undertaken by the company in recent weeks. As CryptoPotato reported last week, the company enabled people to buy numerous properties, apartments, houses, townhouses, lots, land, and other estates in the capital Buenos Aires alongside major cities such as Cordoba and Santa Fe using the primary cryptocurrency.

Moreover, the e-commerce institution outlined the growing role of digital assets and especially in the Latin America region where crypto adoption still falls behind compared to other areas. Mercado Libre also organized a webinar in which it educated viewers on how to efficiently interact with cryptocurrencies. Another mission of the conference was to create a crypto inspiration effect on the local residents.

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Source: https://cryptopotato.com/south-americas-largest-e-commerce-company-adds-7-8m-worth-of-bitcoin-to-its-balance-sheet/

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