Bancor, a decentralized liquidity network, has started offering cross-blockchain token swaps thereby fulfilling the objective of the partnership it had with EOS blockchain. Initially announced in Sept, Bancor has now extended to the EOS blockchain and uses BancorX (DApp) to permit users to switch among Ethereum and EOS-based tokens, without the involvement of exchanges.
This never before offered facility, according to Bancor’s media release, lays the path for “vastly more blockchains” to be offered in such cross-blockchain trading.
Commenting on the facility, Galia Benartzi, Bancor co-founder and head of business development, 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.”
BancorX presently offers support to a list of Ethereum ERC20 tokens, and utilizes its native BNT token to perform the cross-blockchain transfers. The firm also announced that their cross-blockchain DApp was created in collaboration with LiquidEOS, Bancor’s EOS “Block Producer” (BP) – similar to a miner on the Bitcoin (BTC) blockchain network.
While making the announcement, Bancor revealed that its Bprotocol Foundation would move $10 million in value to the EOS blockchain using the mechanism 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.”
So far, at the time of writing this article, BNT has not reacted in a big way, after facing a trouble year in which Bancor turned out to be one of the worst-performing Initial Coin Offering (ICO) projects that was launched in 2017.
