EOS and Bancor Partner to Start Using New BancorX App for ETH Blockchain Token Trading Features
A couple of months ago, Bancor enlisted the help of EOS in a partnership to help the decentralized liquidity network to offer token swaps between the blockchains. In a press release from CoinTelegraph on November 5th, Bancor has completed the partnership and is now using the new decentralized application (dApp) BancorX.
The plan to launch BancorX was originally announced in September, which is now expanded onto the EOS blockchain. Any user on the platform has the opportunity to convert between Ethereum and tokens that are based on EOS, but without the assistance of exchanges.
This is the first of many changes that Bancor has in mind. According to their Medium blog post on November 5th, “This cross-chain functionality increases the utility of BNT as an inter-network token, connecting the EOS and Ethereum ecosystems today, and vastly more blockchains in the future. BancorX was built in partnership with Bancor’s block producer team, LiquidEOS.”
In the annoucement, Galia Benartzi said,
“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 which best suits their needs.”
Right now, there are many ERC20 tokens that BancorX supports, though the token used for each cross-blockchain transfer on the blockchain is the BNT token.
Adding to the news of BancorX, the company took the opportunity to announce a $10 million transfer from Bprotocol Foundation in BNT tokens. The point of the transaction is to “encourage EOS development and token liquidity, in addition to serving as a symbol of faith in the security and promise of the EOS blockchain.”
The encouragement of this funding is likely a reprieve from the year that Bancor had. In 2017, they were deemed the worst-performing Initial Coin Offering (ICO) project. Going forward, their support from the EOS blockchain should help their users and their profits.