New Non-Custodial Bancor Wallet Launches to Offer Cross Chain Ethereum and EOS Token Trading
Bancor Network, a distributed ledger technology (DLT) platform that claims to be focused on creating a standard for a new generation of cryptoassets called Smart Tokens, has unveiled a new Bancor Wallet to enable cross-chain transactions between the EOS and Ethereum smart contracts blockchains, reports The Block on March 11, 2019.
The New Bancor Wallet to Make Cross-Chain Transactions Frictionless
Per sources close to the matter, in a bid to make it possible for holders of EOS and Ethereum-based tokens to trade their digital assets more seamlessly, Bancor Network has launched a new wallet to support cross-chain token trading.
Specifically, the Bancor non-custodial wallet is built upon BancorX, the platform’s cross-blockchain decentralized liquidity network that leverages BNT tokens to facilitate transactions on the network.
Reportedly, the Bancor team has made it clear that the new Bancor Wallet is user-friendly and it functions at the same level with other custodial wallets such as the Coinbase wallet, but it offers users absolute control over their funds.
One-Click Conversions Now Possible
With the Bancor Unified Wallet now live, the team has stated that users of the wallet can now carry out one-click conversions between Ethereum and EOS tokens securely without worrying about the safety of their funds and private keys.
“Bancor’s new Unified Wallet is officially LIVE. For the first time ever, users can perform one-click conversions between @Ethereum & $EOS tokens without giving up possession of their #crypto,” tweeted Bancor.
According to a Medium blog post by Bancor, users of the new Unified Wallet will now be able to manage more than 500 ERC20 and EOS tokens in one place, seamlessly convert ERC20 and EOS tokens in a single click across 9700 token pairs, receive all airdropped ERC20 or EOS tokens straight to their wallets and more.
Bancor Offering Users Fee-Less Transactions
Interestingly, Bancor has said that it charges zero fees for transfers in and out of the wallet, as well as for its built-in token conversions which are carried out on-chain.
To access the Bancor Unified Wallet, existing Bancor Wallet owners are required to simply upgrade their wallets, while new users can sign up via SMS, Telegram and Facebook Messenger and import all their ERC20 and EOS tokens into the wallet.
At current, live tokens on the Bancor network include a vast array of ERC-20 tokens including DAI (Maker DAO), Binance Coin (BNB), Basic Attention Token, as well as EOS-based tokens like Everipedia (IQ), BetDice and more.
In the coming months, Bancor says it's looking to add support for several other blockchains, and its BNT altcoin will continue to function as the native crypto of the platform.
“We greatly appreciate the community’s patience as we worked to develop this first of its kind technology, and we can’t wait to see how you use it,” declared the Bancor team.