Crypto.com, the pioneering cryptocurrency platform, has announced to list the Bancor Network Token (BNT) on its platform on August 13, 2020. With this integration, the Crypto.com app users can now be able to buy the BNT at its truest cost without paying any fees towards the credit card usage or bank transfers.
With this addition of the Bancor Network Tokens on the Crypto.com app, it grows richer by yet another intermediary token connecting pools across the entire blockchain network. The Crypto.com app already lists more than 60 leading cryptocurrencies and stable coins, including Bitcoin (BTC), Ether (ETH), Cardano (ADA), XRP, VeChain (VET), Chainlink (LINK), USD Coin (USDC), and CRO Tokens.
As Crypto.com also offers its users with Visa Cards, the users can easily convert any of these cryptocurrencies into fiat currencies and spend them across 60 million merchants globally that accept such tokens except the residents of the US.
The BNT token is the internal currency of Bancor and is the first-ever Smart token that follows the Bancor Protocol. The Bancor Protocol is made up of Smart Contracts, also called ‘liquidity pools’ designed to perform crypto trading and pooling of on-chain liquidity based on algorithmic configurations.
Bancor allows the conversion of different tokens without the interference of intermediaries with the help of the reserve currencies that allow algorithmic pricing irrespective of the trade volumes. The Bancor Protocol aims to accelerate the global transition of cryptocurrencies and make Smart tokens a legal currency that will connect all cryptocurrencies across an autonomous and decentralized network.
The Bancor protocol being a permissionless platform, the Smart tokens can be crated or liquidated at any time by either adding them to or removing them from the total turnover. Unaffiliated users can also add liquidity to the Bancor platform against a small share of the Bancor’s trading fees.