Integration with Bancor — Joining Forces on Community Currencies
In another exciting development, prior to the first issuance of community currency tokens, we are delighted to announce a new partnership with decentralized liquidity network Bancor. This integration will allow CLN stakeholders to use the services of the Bancor Network.
CLN token holders will be able to utilize the Bancor liquidity network, which is renowned for its fast, simple and secure service. The Bancor Protocol will facilitate a smart contract, which provides liquidity to the CLN token. As a result, it will enable Colu users to instantly convert CLN tokens for any token in the Bancor Network, without an exchange or counterparty.
The CLN-backed community currency is designed as a gateway to a local financial ecosystem that benefits everyone. It will soon be issued in each of Colu’s existing communities. Not only is the CLN token a further platform to engage with the local economy, but crucially, it gives users a meaningful stake in its success.
Eventually, CLN will become an ecosystem of local economies beyond Colu’s existing four communities, facilitating the economic success of local communities across the world.
Mark Smargon, Colu’s Co-Founder and VP of Blockchain commented: “We are aligned with Bancor in our vision of creating bottom-up growth in economies, and we look forward to utilizing the Bancor Protocol in our mission to revolutionize local community currencies.”
About Bancor
The 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
