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Bancor Develops Blockchain Solution For Token Conversion

20:23 05/11/2018

Bancor announced the completion of a joint work with EOS on creating BancorX, a decentralized liquidity network, which will automatically convert tokens between blockchains, according to a press release.

With the help of the BancorX decentralized network, users will be able to convert tokens based on the ERC20 standard of the Ethereum network into EOS tokens without depositing funds on a crypto exchange and without the need to coordinate orders between purchasers and sellers.

Bancor considers such a step pioneering and opening up opportunities for integrating even more blockchains. The ability to convert assets easily based on various blockchains will meet the needs of users, Bancor co-founder Galia Benartzi stated.

Currently, BancorX supports ERC20 tokens based on the Ethereum network and uses its own BNT token for payments between blockchains. The company reported that its app was created in collaboration with LiquidEOS. The Bprotocol Foundation will also invest $10 million in the EOS blockchain in order to improve its development and support network security.

According to CoinMarketCap, the price for BNT for November 5 experienced slight fluctuations. Cryptocurrency rose in price by 1.5%, the cost of the token was $1.37 at 15:00 (UTC).

As previously reported, the Bitjoy startup intends to change the system of video games using the EOS blockchain.

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