Band Protocol, a Sequoia-backed data management startup, has announced that it will enter the market of decentralized finance (DeFi) by offering bitcoin binary options.
Bitcoin Binary Options DApp
On Sept. 30, the startup announced the mainnet launch for its decentralized trading application BitSwing (dApp). The application will serve as a decentralized brokerage platform for users to participate in ether-denominated bitcoin binary options.
Traders are able to take a long or short position on bitcoin’s price set to a one-minute interval, with successful bets resulting in the doubling of staked ETH.
Despite the platform operating on a decentralized framework, BitSwing is able to compile data to generate real-time price feeds sourced from BInance, UpBit and more. In exchange for providing price information to the platform, data providers are rewarded from users with “band” tokens, a form of collateral.
Band Protocol claims to have generated more than $12,000 ether in data query fees in the first two weeks leading up to the dApp’s launch.
While the application currently only offers support for bitcoin-based binary options, Band Protocol says it intends to add support for more crypto-assets and financial products.
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