Bancor, the decentralized liquidity network, announced that it had completed its partnership with EOS to provide cross-blockchain token swaps.
While the announcement was originally made in September, Bancor has not expanded on to the EOS blockchain using its decentralized application BancorX, with the intention of allowing users to convert between Ethereum and EOS-based tokens – without the use of exchanges.
In its press release, Bancor claimed that the move is the first of its kind and paves the way for ‘vastly more blockchains’ to be included in cross-blockchain trading such as this.
Galia Benartzi, co-founder and head of business development at Bancor, stated in the announcement, “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.”
Currently supporting a raft of Ethereum ERC20 tokens, BancorX uses its own BNT token to make the cross-blockchain transfers. Their cross-blockchain DApp was built in partnership with LiquidEOS, Bancor’s EOS ‘Block Producer’ (BP), which is the equivalent of a miner on the Bitcoin (BTC) network.
Bancor also announced, in the same announcement, its Bprotocol Foundation would transfer $10 billion in value to the EOS blockchain using the tool. This will be done ‘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.’
This is quite a development for Bancor after having faced a troubled year after the network became one of the worst-performing Initial Coin Offering (ICO) projects to launch in 2017.