Sandbank’s Multi-Signature ...

A Robust Digital Asset Security SystemThe safety of clients’ funds is the main priority for Sandbank. Highly secured storage wallets are provided by Hexlant, the leader in digital asset custody and node service and smart contract auditor in Korea.Hexlant’s digital asset custody is multisig based, meaning it always requires authorization from both Sandbank and Hexlant whenever there is a transaction request.What is a Multi-Signature Wallet?When you want to send funds from your wallet, a transaction is created and signed. By signing the transaction, you are digitally saying: “I am the owner of the funds, I have the key to manage them, and I approve this transaction.”Single signature (also known as “basic”) cryptocurrency wallets need one signature to sign a transaction. Multisig is the shortened name for multi-signature, and, as the name indicates, this kind of wallet requires one or more signatures to sign a transaction.A multisig wallet is a wallet shared by two or more users called copayers. In our case, there are always two copayers including Sandbank and Hexlant. Whenever there is a withdrawal request, the number of signatures required to sign the transaction will be equal to two, meaning the transaction cannot be granted with only one copayer’s permission.This significantly adds security to user’s funds by preventing transactions when either one of the copayers is hacked or run off with the stored crypto assets.Hexlant CustodyHexlant Custody is the most renowned digital asset custody provider in Korea which currently carries over $100,000,000 in protections through a syndicate of renowned IT conglomerates. Its advanced blockchain technology and robust security are widely applied throughout the blockchain industry. You can find out more about Hexlant here.Do check out our earlier blog posts, share them with your friends, and let them be part of the Sandbank success story!Question? Visit our Help Center.Interested in Sandbank? Get in touch:Telegram | Twitter | Facebook | Kakao | EmailGo to Sandbank >Sandbank’s Multi-Signature Wallet was originally published in Sandbank on Medium, where people are continuing the conversation by highlighting and responding to this story.

Sandbank Now Powering Finan...

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.Understanding SandbankSandbank 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 crypto holdings to go out and seek extra profit, instead of simply holding them in a non-interest bearing wallet until the price increases.How Sandbank Leverages Chainlink to Enhance its Financial ProductsAs a crypto investor, one of the key advantages of investing in Sandbank is the hourly interest reward. Due to receiving interest income every hour on their digital asset deposit, investors can watch their assets grow more dynamically and perform a more flexible investment strategy over other platforms which give out interest-only once a day or once a week.Therefore, updating accurate price quotes every hour is critical to managing risk and maintaining correct interest rate calculations in the face of price volatility. For this, we need a secure and reliable price feed for all three pairs — ETH/USDT, BTC/USDT, and USDT/USD. Chainlink’s Price Reference Data oracles will provide real-time exchange rates on all three assets to calculate variable interest rates.After reviewing several solutions in the market, Chainlink was a clear choice because of its proven track record, highly accurate data, and secure and reliable network architecture for updating price feeds. Chainlink’s price reference data currently secure over a billion dollars in USD value for many across various platforms live in production. Their price data is sourced from numerous high-quality data aggregators, providing us with the volume adjusted market coverage across all trading environments. They also employ strong security and reliability guarantees, using a decentralized network of high-quality node operators and data sources to provide high availability and manipulation resistance against any single point of failure.We intend to expand upon this initial integration of price feeds by also using Chainlink oracles to disclose more detailed transaction-related data about Sandbank on-chain for even greater transparency.How does it work?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).Here is a diagram showing how the integration works:These updates will then directly be used in the Sandbank service when:Denominating users’ investment balances in USD value.Determining interest rates for Sandbank’s investment/loan products.Calculating the value of collateral against the liquidation price for outstanding crypto loans.Updating exchange rates for instant coin swaps.As a newly established crypto banking platform with a centralized system, it is important for us to build trust with customers. The best way to acquire the trust from the crypto investor community is to be effective and transparent at the same time.Therefore, Sandbank hybrid-DeFi architecture takes into account the advantages of both centralized and decentralized systems. DeFi platforms try to execute all functions on-chain but it comes with downsides around inefficiency, inaccuracy, and inability to prevent fraudulent activity.Sandbank’s hybrid-DeFi on the other hand keeps necessary functions off-chain to maintain efficiency and puts information that requires transparency on-chain to enhance the trustworthiness of our system. In this way, we expect to be able to respond more quickly to the spontaneous needs of the crypto investor community while maintaining the advantages of blockchain, particularly decentralization and transparency.By leveraging Chainlink, Sandbank obtains a weight-adjusted on-chain price in a very efficient way. Our users no longer need to rely on Sandbank itself to maintain accurate off-chain price feeds for making investments and loans. We are excited to offer a more evolved and trustless approach to our hybrid-DeFi ecosystem.Commenting on the integration, Sandbank CEO Hyunmyung Lee, stated “Sandbank’s mission is to build a fast, efficient, safe and trustworthy platform where users can constantly get passive income on their digital asset holdings. Our integration with Chainlink brings us a step closer to achieving this, ultimately allowing us to provide customers with a better banking service in the digital asset industry. Through Chainlink’s on-chain price feeds, we can offer users unparalleled transparency while still receiving all the centralized guarantees users want when securing precious financial assets.” .”Learn more about SandbankRegister to Sandbank now and seek for the highest interest rate! Only the newly registered users will have access to the ‘Best Interest Guaranteed (BIG)’ product for a limited time. BIG automatically adopts the highest interest rate available in the renowned DeFi data aggregator, loanscan.io, and applies to the user’s daily interest profit rate. Get on board with Sandbank now!Go to Sandbank >Learn more about ChainlinkIf you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.Website | Twitter I Reddit | YouTube | Telegram | Events | GitHub | Price Feeds | DeFiSandbank Now Powering Financial Products on its Hybrid-DeFi Platform Using Chainlink Oracles. was originally published in Sandbank on Medium, where people are continuing the conversation by highlighting and responding to this story.

ETH Now Available for Sandb...

As a part of the dynamic expansion of Sandbank’s products, we are adding Ethereum(ETH) as an available asset for Investment Products. Creating ETH wallet, making ETH deposits, and invest ETH in Best Interest Guarantee and Cold Staking will all be available starting from 19:00 (KST) July 23th, 2020.Ethereum is a smart contract platform that enables developers to build decentralized applications (DApps) on its blockchain. Ether (ETH) is the native digital currency of the Ethereum platform.Ethereum is supported in part by the Ethereum Foundation, a non-profit that is part of the larger Ethereum ecosystem including enterprise Ethereum consortiums like the Ethereum Enterprise Alliance.ETH-backed investment products allow investors to deposit their assets rather than selling them while benefiting from Sandbank’s unrivaled interest rates. Our diverse investment product line makes HODLing easier and eases selling pressure while increasing the asset’s utility.Go to Sandbank >Do check out our earlier blog posts, share them with your friends, and let them be part of the Sandbank success story!Question? Visit our Help Center.Interested in Sandbank? Get in touch:Telegram | Twitter | Facebook | Kakao | EmailETH Now Available for Sandbank’s Investment Products was originally published in Sandbank on Medium, where people are continuing the conversation by highlighting and responding to this story.

Smart Investing with Sandba...

Trading cryptocurrencies is not the best and only way to earn a profit anymore.Sandbank crypto lending 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 now utilize this leverage for higher-value trades, such as margin trading. Sandbank platform can let your crypto holdings go out and seek extra profit for you, whereas the only way to make a profit out of a crypto investment before was to hold until price increases and sell at the right moment.Sandbank is one of the few platforms that provide both crypto loan and investment services for clients. We believe our special offer helps crypto investment become much more interesting than it used to be.Here is a short example of how to utilize sandbank:Total Profit & Cost Calculation for Above Example:USDT loan interest: 5,000 USDT x 1% / month = 50 USDTBTC investment profit: 0.7 BTC x 0.25% / month= 0.00175 BTC50 USDT - 0.00175 BTC = about $37.75 (=12% interest rate becomes 9.06%)3. Withdrawal fee: BTC = 0.0005 BTC / USDT = 3 USDT4. Total Cost = $34.75The total cost spent in this transaction is $34.75, whereas the total profit earned is $1,000 worth of USDT. Congratulations! You’ve just earned extra profit without selling a single satoshi of your Bitcoin.There is no need to fulfill excessive bank conditions, create a bank account, wait for a long approval time, or worry about getting rejected for nationality or citizenship.Just sign-up, request for a loan, let 70% of your digital asset work for you.Do check out our earlier blog posts, share them with your friends, and let them be part of the sandbank success story!Question? Visit your Help Center.Interested in sandbank? Get in touch:Telegram | Twitter | Facebook | Kakao | EmailSmart Investing with Sandbank Crypto Loan was originally published in Sandbank on Medium, where people are continuing the conversation by highlighting and responding to this story.

Sandbank Digital Asset Bank...

We are pleased to announce that sandbank, our new crypto banking platform where investors can take instant crypto loans and earn high interest on crypto deposits, will be officially launched on June 13th, 2020.Therefore, our prior service brand DAG will be officially terminated at the same time. DAG website will shut down from 04:00 AM on June 13th for server maintenance and is expected to resume at 11:00 AM.From then, you can access the sandbank platform through either https://sandbank.io or http://daground.io.All users’ assets and records will be safely transferred to the new platform prior to the launch. Existing DAG users can continue using their account ID and Password on the new sandbank platform.As a launching promotion, the existing DAG users and the new users registering to sandbank during the first month since the launch will get access to invest in ‘Best Interest Guarantee’ product, where the highest interest rate available in the crypto banking market is automatically applied to the user’s daily profit on investments.Sandbank will cultivate a new generation of crypto investment by fostering a cryptocurrency based asset management environment, specializing in the ability to share a constant risk-free and high-interest earnings to clients by offering innovative crypto-backed financial products.We sincerely invite the worldwide digital asset community to share in the excitement of this day. Afterall, sandbank is not a small step for the cryptocurrency community, it is a giant leap for the entire financial industry.Thank you!sandbank TeamDo check out our earlier blog posts, share them with your friends and let them too be part of the sandbank success story!Question? Visit your Help Center.Interested in sandbank? Get in touch:Telegram | Twitter | Facebook | Kakao | EmailSandbank Digital Asset Banking Official Launch was originally published in Sandbank on Medium, where people are continuing the conversation by highlighting and responding to this story.

Sandbank to join 2020 Googl...

In the midst of COVID-19 global pandemic depressing every corner of businesses and economy, we are thrilled to announce that sandbank has been selected to be part of the 2020 cohort for Google for Startups Residency at @GoogleStartups, a program for promising growth-stage companies.Google for Startups (formerly known as Google for Entrepreneurs) is a startup program launched by Google in 2011, consisting of over 50 co-working spaces and accelerators in 125 countries, offering hands-on lessons for aspiring entrepreneurs. It partners with local startup communities as well as a network of co-working spaces popularly known as Google Campus for tech startup entrepreneurs.It offers access to Google’s devices as well as tools and workshops for the local tech community. Each startup receives tailored mentorship across the globe to support on technical and product problem-solving.Campus Seoul is the first Asian Campus opened in 2015.By joining a selected group of startups from around the world that Google is proud to support, sandbank is fully prepared to “make your digital asset work for you”.Sandbank is a digital asset banking platform where users can take out crypto loans and receive interest earning on crypto deposits. We continue our effort to attract more savvy crypto investors for the short-term, but we also put a great value on letting non-digital asset holders be aware of the importance of digital asset finance. Google’s global network connected to numerous corners of businesses and industries will definitely help us achieve it.Find more about us at https://sandbank.ioDo check out our earlier blog posts, share them with your friends and let them too be part of the sandbank success story!Question? Visit your Help Center.Interested in sandbank? Get in touch:Telegram | Twitter | Facebook | Kakao | EmailSandbank to join 2020 Google for Startups Residency was originally published in Sandbank on Medium, where people are continuing the conversation by highlighting and responding to this story.

BIG at sandbank: Always Ear...

Sandbank introduces the ‘Best Interest Guarantee (BIG)’ product.The current existing DAG users and the new users registering to sandbank will get special access to invest in this astonishing product.BIG automatically adopts the highest interest rate available in the renowned DEFI and CEFI data aggregator, loanscan.io, and apply it to the user’s daily profit on investments for 1 month.Interest rate comparison chart — Sandbank, Aave, PoloniexWe expect BIG would be the perfect kicker to attract savvy investors in the digital asset investment community to get onboard sandbank, the most innovative crypto banking platform in the industry.How to participate in BIG? —Log in to sandbank.ioGo to the side menu bar and click ‘Best Interest Guarantee’ under ‘INVESTMENT’Check the product detailsPut in the amount you want to invest in (or, simply press ‘max’ button for all-in) and press ‘Invest Now’ buttonDo check out our earlier blog posts, share them with your friends and let them too be part of the sandbank success story!Question? Visit your Help Center.Interested in sandbank? Get in touch:Telegram | Twitter | Facebook | Kakao | EmailBIG at sandbank: Always Earn the Highest Interest Rate was originally published in Sandbank on Medium, where people are continuing the conversation by highlighting and responding to this story.