Bancor to Enable EOS and Ethereum Cross-Chain Instant Swaps with New Wallet
Decentralized liquidity network Bancor announces new non-custodial wallet for users to instantly convert between Ethereum and EOS-based tokens without order books or counterparties.
By Julia SakovichUpdated
2 mins readPhoto: Bancor / Medium
Cross-chain swaps are an important feature of the future blockchain economy to come. With Atomic Swaps still considered as new and reckless, other solutions are making their way to the forefront.
Bancor, the first decentralized liquidity network, has announced the launch of a new non-custodial wallet. With it, users can instantly convert between Ethereum and EOS-based tokens, on-chain, and in a single action.
The wallet is the first unified interface built atop BancorX, Bancor’s recently launched cross-chain protocol enabling continuous on-chain liquidity between 9700+ token pairs on EOS and Ethereum, without order books or counterparties.
As users, the process is smooth and the user experience has been prioritized. In fact, Bancor states “the user experience of the Bancor Wallet resembles that of Coinbase and other popular custodial wallets”.
Behind the one-click scenes, the BancorX protocol is utilizing Bancor’s token, BNT, to make the cross-chain transfers, while having private keys remain under full user control. The wallet does not charge fees for any action as well: neither for transferring funds in and out of the wallet, nor for its built-in token conversions.
For EOS fans, the wallet includes other benefits, including free EOS account generation and enough EOS resources to get started. In addition, Bancor’s wallet enables users to buy and sell EOS RAM, stake and unstake CPU, and do so in a direct way.
Lastly, users will be able to use dApps from within the wallet. “We are witnessing unprecedented growth in dApp adoption and development as new blockchains emerge to meet the evolving needs of developers and users.
With token usage increasingly shifting from speculation to utility, Bancor’s aim is to offer a non-custodial wallet that creates a simple way to use your wallet on multiple blockchains, with intuitive token management and built-in conversions between ERC-20 and EOS tokens, allowing users to more easily share value between the dApps they love”, said Eyal Herzog, Bancor’s Co-Founder and Product Architect.
The launch comes on the heels of Friday’s news that Bancor will be integrated into Samsung’s new Galaxy S10 smartphone via the Enjin crypto gaming platform. As a result, the conversion volume on the Bancor Network surged to an 11-month high.
With more wallets, exchanges, and other key implementations like the new Bancor wallet and the Samsung Galaxy S10 wallet, cryptocurrency adoptions now seem closer than ever.
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