- Umoja Labs is joining Chainlink BUILD program, bringing Web3 technology to the forefront of payments infrastructure in emerging markets.
- The partnership enables Umoja Labs to gain access to Chainlink’s oracle services and tech support, driving cryptoeconomic security and accelerating the growth of decentralized payments systems.
A Collaborative Leap Forward: Umoja Labs and Chainlink BUILD
In an era that is witnessing the rapid growth and evolution of blockchain technology, a significant stride has been taken by Umoja Labs as they formally become part of the Chainlink BUILD program. This collaboration is aimed at fostering the long-term adoption and growth of a seamless, Web3-infused payments infrastructure in emerging markets.
🏗️ #ChainlinkBUILD 🏗️@UmojaLabs is joining Chainlink BUILD to gain enhanced access to Chainlink's industry-leading Web3 services and technical support, which helps support the project's vision to provide robust payments infrastructure for emerging markets using Web3 technology.… pic.twitter.com/AQQqEFmeU5
— Chainlink (@chainlink) August 3, 2023
Joining BUILD allows Umoja Labs to gain elevated access to Chainlink’s unmatched oracle services and superior technical support. This partnership also aims to incentivize more robust cryptoeconomic security. In return, Umoja Labs commits to provide network fees and other benefits to the Chainlink community and service providers, which includes stakers.
Amplifying Umoja Labs’ Vision with Chainlink
Umoja Labs, with its focused intent on building a tangible Web3 payments infrastructure for the real world, especially in emerging markets, sees this collaboration as a meaningful expansion of its integration with Chainlink. This brings forth priority support from the Chainlink ecosystem, broadens access to decentralized applications (dApps), and strengthens the synergistic alignment between the Chainlink and Umoja Labs communities.
Umoja Labs envisages its mission as being a solution-provider for some of the most crucial challenges emerging markets currently grapple with. They offer a Money API, an internationally compliant developer toolkit for seamless integration of local payment methods into decentralized applications, the Umoja Protocol, a DeFi credit platform connecting global capital to private debt deals, and Umoja Pay, an infrastructure furnishing phone-compatible wallets and mass-payout tools designed for hard-to-reach rural environments.
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The Chainlink BUILD Advantage
Umoja Labs’ decision to join Chainlink BUILD amplifies the security and reliability benefits provided by Chainlink’s oracle infrastructure. As part of BUILD, Umoja Labs stands to receive notable advantages, including the integration of dependable fiat currency prices from Chainlink Price Feeds, secure monitoring of asset-backed tokens via Chainlink Proof of Reserve, and reliable and automated liquidation management courtesy of Chainlink Automation.
In reciprocation for these services, Umoja Labs is set to make 4% of its native token supply accessible to Chainlink service providers, over time. This shared economic incentive fortifies the mutual support between both communities.
Robby Greenfield IV, CEO of Umoja Labs, reflects on this partnership by stating,
“One of the first and most important value propositions of Web3 is its ability to provide secure, reliable, and decentralized financial infrastructure that’s truly global. By joining Chainlink BUILD, we’re able to accelerate our mission to serve emerging markets by gaining access to industry-standard oracle services, technical support, and a robust cryptoeconomic model that empowers us to build all of our infrastructure with greater security assurances.”
Both Umoja Labs and Chainlink, the industry-standard Web3 services platform, have set a precedent in demonstrating the potential of decentralized technology, empowering emerging markets, and providing a robust, secure infrastructure for the future of finance.
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