TaaS Adopting Bancor Protocol To Create The TAAS/BNT Token Relay
Kyiv, Ukraine – January 19, 2018 – Token-as-a-Service (TaaS), the first-ever tokenized closed-end fund dedicated to blockchain assets, today announced creation of a Token Relay using Bancor Network Token (BNT), an automated market maker for TAAS–BNT token liquidity.
The Token Relay is a Smart Contract built on Bancor Protocol, enabling issuance of “Smart Tokens” to ease conversion of cryptoassets. The TaaS-BNT Token Relay is more than a decentralized marketplace for TaaS token trading; Token Relay represents a decentralized liquidity pool of the TaaS token (TAAS) and Bancor Network Token (BNT).
This results in the creation of a TAASBNT Token Relay made up of TAAS and BNT balances that facilitate user exchange of Ether (ETH), BNT, or any other Bancor-based tokens into TAAS with an easy-to-use widget.
Conversion between any token and TAASBNT is always proceeded with a fixed price (as there’s no bid and ask) and charges a 0.1% fee. Liquidity of Token Relay is produced by TAASBNT holders who store their “Smart Tokens” and a share of these conversions fees.
The TaaS–Bancor Token realy offers more great opportunities for both TaaS and Bancor-based token holders. As a user-friendly exchange platform, Token Relay encourages new users to purchase TAAS and allows current holders to benefit from TAASBNT.
Dimitri Chupryna, TaaS co-founder and managing partner, said, ”TaaS is excited to use a great product of Bancor. Since TaaS contributed to Bancor, we keep a close eye on its development…which is more than impressive. We are pleased that now we can benefit from the progress achieved establishing the Token Relay.”
TaaS contributed 352 BTC (equivalent to $1 million) to Bancor Token Generation Event (TGE) on June 12, 2017 establishing itself as a prominent institutional contributor in this year’s most talked-about crowdsale. Bancor TGE, which lasted less than three hours, successfully raised 396,720 ETH (equivalent to $153 million). That strategic contribution allows for further development of TaaS’ fund infrastructure through a faster design of token baskets and other financial smart tokens.
About The Bancor Network
Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet. The Bancor Protocol is a new sstandard for the creation of cryptocurrencies called Smart Tokens, which are autonomously and continuously convertible to each other at algorithmically calculated rates. Smart Tokens utilize connected token balances and an intelligent and open-source pricing algorithm to perpetually o er to buy or sell themselves at calculated and predictable prices, in return for any other token to which they are connected. The protocol standardizes the use of a “connector token”, held as a balance in the Smart Token’s smart contract, and used as a variable in the protocol’s price setting formula.
