In recent weeks, crypto investors have largely focused their efforts and attention on a select number of players. These include Cardano and Chainlink – two altcoins at the top of the rankings that have won hundreds of percent in just a few months.
But there are other projects that have been successful. Band Protocol, whose original token is BAND, has gained about 400% in the past month alone, and the token is now trading for $ 5.00. It is a competitor of Chainlink, as both projects aim to achieve a similar goal of connecting the internet to the decentralized web.
The cryptocurrency benefits from a series of partnerships with startups within and outside this industry – the last Wednesday of which was announced.
Related Read: Crypto Facts: Twitter’s “Bitcoin Scam”, Elon Musk & Dogecoin, Institutions Want BTC & ETH
Sequoia-supported Crypto Oracle project ensures partnership with ICON
Band Protocol, an oracle project supported by Sequoia Capital and some of crypto’s notable funds, announced a partnership with ICON on Wednesday. In a press release shared with the Project Medium, Band’s Kevin Lu wrote:
“ICON Network, one of the largest decentralized blockchain networks, has strategically partnered and selected Band Protocol to provide secure and verified data barriers for the rapidly growing decentralized application ecosystem.”
The duo wants to focus on the decentralized applications of ICON in the decentralized finance, prediction market, sports / esport betting and RNG / VRF market segments.
ICON founder Min Kim shared the excitement of the Band team:
“The strategic partnership and integration with Band Protocol into the ICON network will provide greater security and scalability for all decentralized applications built on South Korea’s largest blockchain project. The Band Protocol Oracle will simultaneously support the existing network and enable expansion to new applications in the real world. “
There is room to collect for BAND
Analysts say BAND has room to value further as more partnerships roll out.
Kelvin Koh, a Spartan Group partner and a former Goldman Sachs partner, commented on this in a Twitter thread published last week. (The thread was notably published when BAND was 60% lower than currently traded.)
0 / The first phase of the $ BAND revaluation culminated in the launch of the mainnet. market capitalization up to $ 40 million (FD $ 200 million).
The next phase of the $ BAND revaluation has begun and will focus primarily on partnership announcements in the next 6-12 months. https://t.co/7h2TeZIppL
– SpartanBlack (@ SpartanBlack_1) July 13, 2020
In that thread, Koh explained that the crypto asset is currently going through a ‘re-rating’ phase spurred by partnerships and its launch:
“The next phase of the $ BAND revaluation has begun and will focus primarily on partnership announcements in the next 6-12 months … [Partnerships] will drive the next phase of revaluation. Even assuming the market capitalization doubles from here to $ 100 million (FD mkt cap ~ $ 0.5 billion), the valuation will be only 4-6% of Chainlink’s current valuation, implying that there is room for a significant increase. ”
The investor specifically referred to two previous Band Protocol partnerships: one with Math Wallet and one with Waves Protocol. Koh claims the former is important because Math Wallet “supports over 40 assets and has a large user base in China,” meaning BAND is exposed to a wider audience.
Related reading: Grayscale can now offer Litecoin and Bitcoin Cash to the public: FINRA
Featured Image from Shutterstock One of Chainlink's Competitors, Band Protocol, Secures Partnership With Top Crypto