Switchboard winds down oracle operations amid AI competition and bear market pressure; Bastion receives preliminary OCC national trust approval.
Tech & Launches ·
Switchboard is winding down its oracle operations, citing AI competition and bear market pressure as factors affecting data intermediaries in the sector. The move reflects broader headwinds facing oracle services, a category that has faced mounting competition from alternative data sources and reduced demand during market downturns.
Separately, Bastion has received preliminary approval from the Office of the Comptroller of the Currency for national trust status, a regulatory milestone that could expand its institutional custody capabilities. The timing coincides with ongoing volatility in crypto markets, where bitcoin was trading near $82,000 and ether around $2,600 at the time of reporting.
It remains unclear whether Switchboard's shutdown will be complete or if any selective services will continue, or how quickly Bastion's preliminary approval might advance to full licensing. Broader context on the oracle market's trajectory and whether other projects face similar wind-down pressures is not yet detailed.