Alchemy Coin to Become the First Security Token on The Bancor Network
JULY 22, 2018
NEW YORK CITY
Alchemy Coin announced today that it will become the first security token to join the Bancor Network, providing Alchemy Coin holders with access to continuous liquidity regardless of trade volume or exchange listings. Once integrated later this year, the Alchemy Coin will be instantly convertible to 100+ tokens on the Bancor Network, including ETH, through a simple and user-friendly interface on Alchemy’s site.
Bancor charges no listing fees for its member tokens. Anyone can list their token on the Bancor Network by integrating the Bancor Protocol and staking BNT to enable automated trading via a liquidity pool which they own and manage. Alchemy Coin will join a growing list of some of the top cryptocurrencies in the world on the Bancor Network, such as OmiseGo, Kin and Basic Attention Token.
“We couldn’t be happier to integrate with Bancor,” said Alchemy Coin CEO Justin Jung. “A lot of people think raising money is the most difficult part of running an ICO. In fact, finding the optimal way to enable liquidity in your coin is the hardest challenge we’ve faced. But we feel like we’ve struck gold with our cutting-edge integration with Bancor.”
The Bancor Protocol functions similar to an exchange, but behind the scenes, it flips the exchange model on its head by removing the need to match buyers and sellers. Instead of matching trades through a bid/ask model, Bancor utilizes smart contract logic to create non-profit automated market makers which process trades instantly and fully on-chain. This novel architecture allows member tokens to be easily convertible for all other member tokens without the risk of low liquidity, and with resilience against price manipulation, while creating network effects that benefit the entire token ecosystem. The functionality is embeddable within any website or app.
Alchemy Coin is building a blockchain-based peer-to-peer lending marketplace. The platform intends to enable instant and direct lending between supply-side lenders and demand-side borrowers from all over the world in a trusted manner using smart contracts and blockchain technology.
“We are working towards offering a unique architecture to analyze and structure a credit-risk adjusted rate with the utilization of Artificial Intelligence and Machine Learning,” said Mr. Jung, who lives in New York City after being raised in Korea and sold his first company at the age of 21 years old. “We aim to revolutionize the peer-to-peer lending market and serve as the leading infrastructure for credit providers and credit seekers.”
For more information on Alchemy or to participate in the ICO check out: https://www.alchemycoin.io/
About Bancor
Bancor Protocol is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token “connector” method to enable formulaic price calculation and continuous liquidity for all integrated tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive. To convert tokens instantly, visit the Bancor Web App or join the Bancor Telegram group for more information.
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