We are pleased to announce that Sandbank is using Chainlink’s market-leading decentralized oracle networks for Price Reference data to bring transparent and more accurate on-chain prices to digital assets used in investment and credit line products. The first three Chainlink Price Reference Feeds we are using are live on the Ethereum mainnet for ETH/USDT, BTC/USDT, and USDT/USD.
We use these price feeds to perform hourly updates to the value of Sandbank users’ interest rewards on investments, margin call rates for crypto loans, and exchange rates in instant coin swap. Because Chainlink’s price feeds are decentralized, pull from high-quality data sources, and exist on-chain to publically monitor, our customers receive even greater guarantees that they are always getting the going volume-adjusted market rate for financial products without any fear of internal or external manipulation.
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.
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 instant credit line, on the other hand, enables borrowers to take on a loan with the highest LTV in the market — 70%, meaning one can get $700 worth of USDT with implementing $1,000 worth of BTC guarantee or collateral. Borrowers can utilize this leverage for higher-value trades, such as margin trading. This allows customer’s crypt...