On-chain ETH-EOS Conversions Now Possible With The Newly Launched Bancor Wallet

Bancor, which is a decentralized liquidity network, has recently launched a new wallet that supports on-chain conversions between Ethereum cryptocurrency or Ether tokens (ETH) with EOS tokens. The new offering is called Bancor Wallet and will work as a non-custodial cryptocurrency wallet with the capacity to handle on-chain ETH-EOS conversions.

It has been reported that the conversions will be made “in a single action”. The Bancor Wallet is based upon BancorX, a cross-chain protocol the company recently came out with. The protocol is meant to let users easily carry out EOS-ETH conversions without having to go through crypto exchanges.

Reportedly, Bancor’s director of communications, Nate Hindman, has stated that this launch of the Bancor Wallet can be taken as a prelude to integrating other different blockchain networks as well. He emphasized on this point by citing Bitcoin and Tron as possible examples.

Hindman has not told media houses anything more about which chains may be integrated into the wallet yet. However, he has noted that the developers will require a “dramatically lower” amount of time to add new chains than they did while adding EOS to the Bancor Wallet.

As per reports, the newly launched wallet will be providing users with instantaneous and fee-less transactions between 9,700 pairs of tokens. This means that any token on the network is now convertible into any other, irrespective of the availability of buyers and sellers at a given point of time.

In addition, users of the wallet can also easily access their dApps (decentralized applications) directly from the interface of the wallet itself.

Recently, reports have also surfaced suggesting that the Bancor protocol will find integration into the new Galaxy S10 smartphone from Samsung. Apparently, the integration is to be made via Enjin, a social gaming platform. The launch of the Bancor Wallet makes for a rather interesting followup to that development and will hopefully lead to more on-chain integrations in the future.