Over the past few weeks, crypto investors have largely focused their efforts and attention on a select set of players. These include Cardano and Chainlink — two altcoins near the top of the leaderboards that have gained hundreds of percent in mere months.
But there are other projects that have rallied. Band Protocol, whose native token is BAND, has gained approximately 400% in the past month alone, with its token now trading at $5.00. It is a competitor to Chainlink, as both projects intend on accomplishing a similar goal of connecting the internet to the decentralized web.
The cryptocurrency is benefiting from a series of partnerships with startups in and outside of this industry — the latest of which was announced on Wednesday.
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Sequoia-Backed Crypto Oracle Project Secures Partnership With ICON
Band Protocol, an oracle project backed by Sequoia Capital and some of crypto’s notable funds, announced a partnership with ICON on Wednesday. In a press release shared to the project’s Medium, Band’s Kevin Lu wrote:
The duo intends to focus on ICON’s decentralized applications in the decentralized finance, prediction market, sports/esports betting, and RNG/VRF market segments.
The founder of ICON, Min Kim, shared the excitement expressed by the Band team:
There Is Room to Rally for BAND
Analysts say that BAND has room to appreciate further as more partnerships are rolled out.
Kelvin Koh, a partner at the Spartan Group and a former Goldman Sachs partner, explained his opinions on this in a Twitter thread published last week. (The thread was notably published when BAND was 60% lower than it is trading at now.)
Koh explained in that thread that the crypto asset is currently undergoing a “re-rating” phase spurred by partnerships and its mainnet launch:
The investor specifically made reference to two of Band Protocol’s earlier partnerships: one with Math Wallet and one with Waves Protocol. Koh claims the former is important as Math Wallet “supports 40+ assets and has a large userbase in China,” meaning BAND is exposed to a wider audience.
Featured Image from Shutterstock One of Chainlink's Competitors, Band Protocol, Secures Partnership With Top Crypto
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