Bancor has recently announced that it has signed a partnership with EOS to provide cross-blockchain toke swaps. Bancor is a decentralized liquidity network that supports several ERC20 tokens. The information was released by the company in a Medium post a few days ago.
Bancor Improves Its System
Although the original announcement was made in September, Bancor expanded to the EOS blockchain. Using its own decentralized application (dApp), BancorX, users can convert between Ethereum and EOS tokens. According to Bancor, there will be many other blockchains that are going to be included and supported by the crypto firm.
Bancor co-founder, and head of business development at Bancor, Galia Benartzi, commented that the platform is trying to offer solutions to users’ needs.
About it, Benartzi commented:
“The ability to easily convert assets cross-chain points to a future in which token projects and users are empowered to seamlessly interact with any blockchain with best suits their needs.”
BancorX is currently supporting some ERC20 tokens. At the same time, it leverages the BNT token to make transfers between blockchains. Moreover, the firm has also informed that the dApp for cross-blockchain transactions was built side by side with LiquidEOS, Bancor’s EOS ‘Block Producer.’
Bancor is working in order to remain friction, unify user experience and ensure that the system works properly. Using interoperable blockchain networks possibilities for new token applications expands.
“With real blockchain interoperability, the possibilities for token-powered applications proliferate dramatically,” says the press release. “We are thrilled to introduce this new tool – and to see what you do with it.”
Interested users can share their developments with different social media channels. Moreover, the company invites users to join the conversations they hold on Telegram.
Bancor has also informed that the Bprotocol Foundation will be transferring $10 million dollars in value to the EOS blockchain using this protocol. The main intention behind this is to encourage EOS development and increase liquidity.
At the time of writing, Bancor is the 70th largest virtual currency in terms of market capitalization with $89 million dollars. Each BNT token can be purchased for $1.36 dollars. The technology is evolving and Bancor is doing everything that is necessary to improve its services.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
