Sandbank is using Chainlink’s oracle networks for Price Reference data

Crypto lending platform Sandbank is live on mainnet using Chainlink Price Reference Data to power more transparent operations. They use Chainlink to calculate interest rates, check collateralization ratios and update exchange rates for instant coin swaps.

According to the announcement on July 28, Sandbank will call Chainlink’s Price Reference Contracts to access up-to-date price feeds for the three currencies supported on the platform — BTC/USDT, ETH/USDT, and USDT/USD. The on-chain updates of the prices will be programmed to occur based on time (every hour).

Sandbank now offers 4% interest rates on bitcoin (BTC) and ether (ETH), and 9% on USDT stablecoin deposits. The interest earned gets deposited into customer accounts every hour.

Sandbank is a digital asset banking platform where users can receive interest rewards on their crypto-asset deposit. Sandbank, just as traditional banks do, utilizes the funds from retail investors to loan them out to institutions that need instant liquidity in the form of digital assets. We then share the majority of the interest income received from these institutions to the retail customers as interest rewards, providing curated financial services that are not available through traditional financial institutions.

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