The Kyber Network is a decentralized tool that allows anyone to swap ETH and different ERC20 tokens instantly without the need for registration on any exchange. It is primarily an Ethereum based network that allows the vendors to accept various types of cryptocurrencies but can be incorporated by any blockchain-based smart contracts. The Kyber network supports more than 80 different crypto tokens powering over 100 integrated projects.
Recently, Kyber Network has come up with two big announcements. The first one is the launch of an Automated Price Reserve or APR for the bZx Protocol token on the Kyber Network. The next big announcement is the launch of another Automated Price Reserve from the REN ecosystem, which is named the renBTC price reserve token.
According to the first announcement, the new token reserve BZRX will be accessible through the Kyber enabled mobile app KyberSwap and other DApps. The bZx was primarily launched to ease the process of tokenized lending and margin trading. This new protocol will allow the developers to build various Kyber enabled applications based on the decentralized Ethereum protocol.
The newly launched bZx protocol will also help the developers to create indigenous payment flows and applications, including ERC20 payments, instant token swaps, and financial dApps. It will thereby help the vendors to accept tokens and convert them into their preferred cryptocurrencies. The bZx token is listed on July 16, 2020, at 1.30 A.M (GMT +8).
Regarding the launch of renBTC tokens on the Kyber network, it is expected to expand the capability of the existing dApps within the decentralized network. The renBTC token will also be accessible through the Kyber enabled mobile app KyberSwap and other DApps on the network. The renBTC token is listed on July 21st, 2020, at 9 PM (GMT + 8). The renBTC price reserve acts as a versatile and decentralized custodian for the vendors.