Crypto Corner: a profile on BNT

We introduced the Bancor Network Token (BNT) to the Wirex app back in August, and we think it’s time you get reacquainted with it. So, as always, here’s the rundown.

What’s it all about?

The Bancor Network Token is the primary token used within the Bancor Protocol, a blockchain protocol which allows users to convert tokens directly and instantly instead of using a cryptocurrency exchange.

Bancor incentivises users to lock their crypto assets into liquidity pools. When a user deposits a token into a pool, they get what’s known as a pool token in return, which allows them to retrieve the original amount they put in. Users also receive a share of the fees paid by traders when assets are bought or sold.

BNT plays an important role in powering the Bancor network, by allowing Bancor to convert value between currencies on different blockchains. It’s also designed to track the network’s usage, as every Bancor pool must hold BNT.

In terms of its value, BNT is the 98th most valuable cryptocurrency by market cap. It has an aggregate value of $1.06 billion, with one token currently worth $4.54. BNT has a fixed supply of 69 million tokens.

Who came up with the idea?

Bancor was co-founded by Guy and Galia Benartzi in 2017. Tim Draper, partner in investment firm Draper Fisher Jurvetson, is also involved in the project.

At launch, the BNT token sale managed to raise $153 million and was backed by 11,000 investors. From there, half of the tokens were distributed to sale participants, while the rest were given to the founding team.

What can you do with BNT?

Anyone who holds BNT can earn interest from transaction fees that are generated when other tokens are exchanged to or from BNT.

BNT is also available to buy and exchange in the Wirex app. So, get your hands on some BNT at exclusive OTC rates today!

Any fun facts?

The name “Bancor” comes from the supra-national reserve currency, which was proposed by John Maynard Keynes at the Bretton Woods conference in 1944.