Bancor Protocol Announces Partnership With Game Protocol
Bancor Protocol, the world’s largest decentralized solution for token conversions recently announced its plans for a strategic partnership with Game Protocol which is a new gaming ecosystem built on the blockchain.
Game Protocol’s ecosystem is primarily focused on GameStarter a fundraising platform for video games in development. In GameStarter developers can create and sell their own crypto-based in-game currency based on Game Protocol Token. This is done via the use of smart contracts that allow the easy creation of tokens. With the use of the Bancor liquidity pool, Players can easily exchange between in-game currencies. They are challenging traditional fundraising mechanisms within the gaming industry by providing game developers with the tools needed to get funding directly from the community.
Regarding the new affiliation, co-founder of Bancor, Eyal Hertzog said:
“Game Protocol is pioneering a new form of token-based exchange in the gaming industry. We are very excited about this use-case of the Bancor Protocol and we will do our best to support the team as they expand liquidity for game creators and their users.”
Through this partnership, Game Protocol will receive advice from the Bancor team on related topics such as best practices in term of security, architecture, marketing and other aspects of running a successful blockchain operation.
Game Protocol has plans to generate $30M USD in their token sale event which will be held this September. Bancor held one of the most successful Token Generation Events of 2017, raising $153 million from 10,885 participants in less than three hours. The Bancor Protocol utilizes an innovative Smart Token connection mechanism, allowing any token to be instantly convertible to any other at continuously calculated prices directly from the Bancor Wallet or any Web3 wallet, such as MetaMask. Bancor solves liquidity issues of small market cap tokens, which are usually dependent on centralized exchanges, and it acts as a platform for peer-to-peer conversions via a Smart Token system.
This is not the first time Bancor has entered into a symbiotic relationship with new companies. Earlier this year they announced their partnership with COTI, a FinTech company that has developed a base protocol, known as the Trustchain. In December 2017, Bancor plunged into a partnership with trade.io to provide continuous liquidity to token holders.