What is Bancor (BNT)? How Does It Work?

Bancor is a decentralized finance application designed to provide liquidity to the markets, allowing users to instantly convert different cryptocurrencies. BNT is the native cryptocurrency of the Bancor blockchain protocol.

You can find answers to the questions of what Bancor (BNT) is and how it works in this article.

How Does Bancor (BNT) Work?

Bancor is an on-chain liquidity protocol built on the Ethereum blockchain that provides automatic and decentralized exchange between blockchains. Bancor was developed in Israel in 2017 by Eyal Hertzog, Galia Benartzi and Guy Benartzi. Its developers stated that they chose the name Bancor to refer to John Maynard Keynes, who proposed a transnational reserve currency with the phrase Bancor at the Bretton Woods conference in 1944.

Ethereum is a programmable network where DApps, or decentralized applications, can be built on. Bancor is also a decentralized finance application that works in this way, providing exchange from any token to another via BNT.

How to Store Bancor (BNT)?

Bancor (BNT), which provides an open source standard for liquidity pools, is built on the Ethereum blockchain. You can manage your Bancor (BNT) balances by using desktop, mobile and hardware wallets that support ERC-20 based Ethereum assets.

How to Buy and Sell Bancor (BNT)?

You can buy and sell Bancor (BNT) with Turkish Lira and Tether on BtcTurk | PRO website or mobile application.