Bancor - what is crypto Bancor Network | Bancor Network price today, marketcap and chart

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What is Bancor (BNT)?

Bancor is a software developed to incentivize users to lock up their cryptocurrency assets in pools, where in exchange for doing so, they get a share of the fees which are paid when they are bought and sold by other traders. It facilitates the operation of an automated market maker (AMM) which is a mechanism designed to provide liquidity to markets, without requiring a financial institution to manage it. AMMs such as Bancor aims to make cryptocurrency asset markets liquid by offering incentives for users to create and maintain the pools of these assets.

Who are the founders of Bancor (BNT)?

Bancor was founded in 2017. In terms of its founding team, we have Eyal Hertzog, who is the product architect of BNT, Guy Benartzi, who is the CEO of Bancor, Galia Benartzi, who has been a technology entrepreneur and Yudi Levi, who fills the role of CTO. Each of them has had prior experience working in the cryptocurrency industry, with Eyal Hertzog working on MetaCafe, Guy Benartzi working on Mytopia, Galia Benartzi working on Particle Code, and Yudi Levi working on AppCoin.

What makes Bancor (BNT) unique?

Whenever a trade is made on Bancor, the tokens are converted into BNT. The liquidity providers which deposited these assets generate a return from their funds as a percentage of the fees which have been paid by the traders. Bancor is built to provide this on both EOSIO as well as Ethereum. The BNT token is the hub that connects all other tokens together. There is also USDB which is the stable version of BNT and is an alternative resource currency on the Bancor Network. The BNT tokens are used as the intermediary currency whenever a token gets traded.