Bancor offers decentralised crypto conversions

Posted: 4 April 2018 2:45 pm
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The Bancor Wallet services instant, on-chain conversions across almost 70 cryptocurrencies.

Given that many cryptocurrency exchanges deal with issues such as financial regulations, steep price fluctuations, theft and fraud, traders may be inclined to seek alternative cryptocurrency conversion methods.

Enter Bancor’s new mobile-friendly native wallet. Bancor Wallet allows users to purchase, store and manage any ERC20 token and convert between any token on its network, including Ethereum, OmiseGo and others.

The Bancor Wallet services instant, on-chain conversions across almost 70 cryptocurrencies. These conversions are made via smart contracts, rather than by matching buyers and sellers, to enhance transparency for users.

“The smart contracts that power the Bancor Wallet serve as autonomous and predictable market makers. Since their logic is transparent and immutable, the Bancor Wallet is always able to predict how a conversion of any integrated token will move its price,” The Bancor Development Team said in a blog post. “This minimizes price slippage between the expected price of a conversion and the price at which a conversion is actually executed.”

The team said that their new wallet assists users in avoiding complex and lengthy exchange registration processes, centralized servers storing their money, large spreads, transaction fees and withdrawal fees, minimum deposits and token listing costs, rampant pump and dumps and fake or inflated volumes.

In order to join the Bancor Network, users need only have a Telegram, WeChat or Messenger account.

To understand how the wallet conversion process works, check out Bancor’s brief tutorial video below.

Bancor is a decentralized liquidity network and neither holds nor has access to customer funds. Bancor said that its wallet was subject to paid auditing by third-party security firms and a variety of unsuccessful attacks.

Users can withdraw their tokens and export them to any ERC20 wallet at any time, at no additional cost.

Bancor co-founder Galia Benartzi told tech publication VentureBeat that the company plans to introduce fiat integration this week, “enabling fiat-to-crypto buying with any major credit card directly from the wallet”.

During a recent conference, Deutsche Bank president Marcus Schenck revealed that there is a hypothesis that traditional bank accounts may be phased out over the next 20 years, to be replaced by digital wallets.

“That would be a game changer to what we’re doing,” Schenck said. The co-head of corporate and investment banking suggested that financial firms must step up activities and “have to monitor what’s happening.”

Singapore Airlines’ KrisFlyer frequent flyer programme will assist customers to trade their earned rewards for point-of-sale retail transactions through a new digital wallet app, created using blockchain technology.

Dutch-based financial institution Rabobank is developing a digital wallet for the crypto banking environment.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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