• Crypto Agent

You can now buy #ETH with a credit card directly from your Bancor Wallet.

Offcial Twitter release

"RT @Bancor: Bancor has opened its first fiat-to-crypto gateway! You can now buy #ETH with a credit card directly from your Bancor Wallet. Try it out"

Some company info

Bancor (sym. BNT) is a peer to peer, decentralised, open source smart token network which offers ERC20 compatible Smart Tokens and these native coins called Bancor Network Tokens. Bancor has a great team in Yehuda Levi (CTO), Ilana Pinchas (VP engineering) and Eyal Hertzog (chief of product) who have ample experience of cryptocurrencies. In 2017, Bprotocol Foundation was created to develop Bancor. BNT has a hard cap of 79.3 million BNT. Bancor went live via a crowdsale in June 2017 where 39.6M BNT were sold to the public. A total of 396,720 Ether were raised during the sale. 20% of the BNTs were given to partners & bounties and long-term operation fund of the company, each while 10% were kept for the core team. Remaining 50% of the BNTs were available during the sale. Bancor aims to interlink all the available cryptocurrencies in the world by providing instant liquidity to every coin, token and currency. It is done via Smart Tokens which are tokens with Smart Contract integrated into it. Each Smart Token holds a value in one of the other ERC20 compatible coins. Thus, anyone can liquidate his holdings in one particular ERC20 compatible coin. Reversely, anyone can purchase a Smart Token, representing one of the ERC20 compatible coins, and new Smart Tokens will be issued. The price of a Smart Token in any of the reserved coins is calculated using a pre-set CRR (Constant Reserve Ratio.) Not only cryptocurrencies, Bancor also plans to support popular Fiat currencies like USD and physical assets like gold. In other words, every currency now can be exchanged easily and there is no need for an exchange. Moreover, Bancor allows every coin to have a market value from day 1, without actually entering the market.

Why Bancor

Bancor is trying to create a paradigm shift and thus, they are offering some great benefits for the users. Instant liquidity: Smart Tokens allow the users to purchase or liquidate any ERC20 tokens of their holding instantly, using the Smart contract. There is no need to go to an exchange. Total ERC20 Compatibility: Whether launched before or after Bancor, any ERC20 compatible coin is compatible with Bancor network by default. Thus, asynchronous price discovery is possible for any ERC20 token.

No Spread: Spread is the difference between ask price and bid price of a coin/token. As Bancor utilises Smart Contracts to evaluate a coin, the user always gets the same buy and sell price, eliminating spread, which is basically a waste of money for the user and goes to the exchange operator.

No Counterparty Risk: Instead of trusting a particular exchange to deposit money and to convert it to another currency, the user can easily switch between two currencies using Smart Contracts based Smart Tokens. Less Price Slip: Bancor utilises an algorithm to predict the price slippage, with respect to the transaction size and that factor is included in the current price. Thus, the risk of price manipulation by the bug holders of a currency is reduced.

Fiat Compatible: Bancor also works for real-world currencies like USD or real-world assets like Gold. Thus, users can easily switch between real-world assets and any ERC20 compatible digital asset, seamlessly.