In June 2017, the Bancor coin – officially called the Bancor Network Token (BNT) – was introduced during a headline-making initial coin offering (ICO). The Bancor ICO brought in a very handsome sum of $153 million. And that was only from under 11,000 investors, and it also all happened in three hours. Since then, the Bancor price journey has soared to $7.91 – which is a 76.42% boost from its price 30 days ago.
It was trading over $10.00 one week ago, though. Right now, it’s in a bit of a dip. But this current slump could be presenting an entrance opportunity for the Bancor coin – which we think is a strong investment.
Why the Bancor coin is a good investment
This coin supports new cryptocurrency launches on top of its platform, similar to the Ethereum (ETH) network and Cardano (ADA). Just like the Bancor ICO was launched on the Ethereum (ETH) blockchain, new tokens can be introduced via the BNT network. It essentially allows companies or ventures to create their own Smart Tokens. These tokens work sort of like shares of a company, and they go up and down in value – and execute certain contracts.
There are a number of reasons why we think there will be additional Bancor price growth in the coming months. Here are a few:
Bancor (BNT) makes it easy to design tokens, and cool ones are launching
With this network, you can design and launch your own cryptocurrency without needing any technical know-how. It’s like an off-the-shelf ERC20 token. You just tell Bancor (BNT) what you want the smart contract to achieve with your token, then you hold a crowdsale. Check out some Bancor ICO success stories (now they’re tradeable tokens):
The Bancor ICO platform is continuously growing, too. New ERC20 tokens are being launched by companies pretty often. In fact, check out one of the latest ones, WeTrust:
Congrats to Bancor Network member, WeTrust, on officially launching their Trusted Lending Circles on the #Ethereum Main Network! Another innovative blockchain project with continuous decentralized #liquidity. @WeTrustPlatform pic.twitter.com/INayIndH6w
— Bancor (@Bancor) January 19, 2018
With more people designing new tokens, they will need to spend their Bancor coin supply to execute them. The more popular it gets, the more value will be added to BNT – and, therefore, the Bancor price.
The network has a useful wallet, and it’s getting an upgrade
The Smart Wallet offered by this network is pretty nifty. It can store any and all of your ERC20 tokens. On top of that, it can help you discover new tokens. It also functions with widely-used Web3 wallets, so users can exchange tokens no matter if they are stored outside this network’s official wallet.
You can also convert them into any other ERC20 token instantaneously – at a mathematically designated rate. There is no exchange needed.
Oh, and this network’s wallet is getting an upgrade, with details soon to come:
We are currently completing the final security audit of our upcoming Bancor Wallet that will enable super simple token conversions with no additional external software. We'll update the community as soon as it's launched. #walletsoon pic.twitter.com/Qh8DF8JtS3
— Bancor (@Bancor) January 20, 2018
Aside from the Bancor ICO platform, it also solves a big liquidity problem
This system uses math to exchange coins in a transparent and logical way. It basically means that there is no need to find two parties with matching demands to coordinate a transaction. It just happens – instantaneously.
The Bancor team thinks that it is revolutionizing the way that cryptocurrency trading will work. In fact, they think that it will do away with exchanges entirely.
What do you think?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.