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Before Bancor X was launched, if you wanted to exchange your token with another, you would have to go through an exchange. This would take a long time and will almost certainly attract a commission. Now, Bancor has developed a solution that will see the exchange of tokens between different blockchains become much simpler and cheaper.
Bancor announced in September with the launch of a partnership agreement with EOS.
Bancor X Announcement
On November 6, Bancor announced that they were launching its latest product, Bancor X. This tool will allow users to exchange their Ethereum token for EOS using Bancor tokens. According to the announcement, the platform is able to support more blockchain in the future but currently offers only the exchange between Ethereum and EOS.
Eyal Hertzog, cofounder of Bancor and Product Architect spoke about the launch saying that this cross-chain functionality would increase the utility of BNT as inter-network token.
Bancor was anxious to say that their new tool will solve one of the main problems related to the use of an exchange. Even if the real problem is having to go through a third party – and Bancor X is as much a third party as the exchanges, Bancor X will be cheaper and faster. According to Bancor, while the exchange in an exchange will take 10 seconds, on Bancor X, it will take only a second.
In addition to the announcement of the launch, Bancor announced that it would transfer $ 10 million in value to the EOS blockchain through the platform. This is intended to encourage EOS development and liquidity while showing confidence in the security and promise of the blockchain.
What does this mean for BNT?
Bancor's BNT does not seem to react much after the announcement. However, this should change in the coming months. Bancor X is a unique tool that will certainly attract more users in the coming days and as more and more blockchain will be supported. Traders wishing to exchange tokens opt for the tool, reducing the time required and commissions. The use of BNT as a "base currency" will increase its use, create demand and increase its price value.
At the time of the press, BNT traded at $ 1.38, up 1.54%. In recent months, the currency has declined with prices starting at $ 1.12. The holders are now optimistic that this new tool could see these prices rise and reach peaks of $ 2.00.
John is a finance and technology journalist with a growing interest in cryptocurrencies. Writing is his passion and when he is not writing he listens to the Beatles.
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