Bancor Wallet Launches to Make Crypto Conversions Easy
While a few cryptocurrencies like Bitcoin and Ethereum have managed to creep into the mainstream consciousness, there are now hundreds of other coins that exist — with more popping up all the time. In fact VentureBeat reports that, at the start of the year, there were already 1,384 different cryptocurrencies available. As a result one company is looking to make it easier for enthusiasts to convert between different coins in real time.
This week Bancor debuted their Bancor Wallet, which currently allows users to convert between 65 different cryptocurrencies. The wallet also allows customers to purchase crypto with a credit or debit card and convert to any available token. In a bid to help keep fees low, Bancor Wallet utilizes smart contracts to convert tokens instead of trying to match buyers and sellers. Ethereum, EOS, and Binance Coin are among the tokens currently offered on Bancor, although the company says it plans to add new coin options each day.
Speaking to VentureBeat, Bancor’s cofounder Galia Benartzi said, “We believe automated token conversions are the first step toward a future [in which] digital wallets can convert between any virtual currency on the fly to facilitate payments in retail environments and simple navigation for users between decentralized apps and their respective token.” She went on to describe some of the larger applications these technology could have, noting, “The real innovation behind digital wallets isn’t mobility; it is the progression toward a world where millions of virtual assets are instantly interchangeable. Imagine, for instance, if your coffee shop loyalty points were accepted at any cash register in the world, or your airline miles could buy cellular minutes with the click of a button.”
That’s an interesting theory — even if it’s one that seems far-fetched right now. After all, what’s the point of loyalty points if they don’t promote loyalty? That said Benartzi’s contextualizing cryptocurrency and comparing coins to the many digital loyalty point schemes found at various retailers is actually a smart strategy for helping the general public further understand the growing revolution.
One thing that’s unclear is whether Bancor Wallet users will be subjected to the “cash advance” fees that some banks have started charging for cryptocurrency purchases. If they are, that could be a major hurdle the company faces in growing adoption. However, with the crypto space growing and new coins seeking the limelight, Bancor Wallet’s conversion capabilities could prove quite popular — and perhaps lead to something much bigger in the future.