Unlocking the potential in DeFi with Bancor + Fortmatic
Last Thursday, our partner Bancor — one of the top 5 decentralized exchanges (DEXs) ranked by volume, has gone live with Fortmatic integration! Words can’t describe the excitement from our team, Bancor was one of the pioneering DEXs that helped establish the space and a project that we’ve always been following before even starting Fortmatic. Since 2017, Bancor’s model — of using smart contracts to automate on-chain token conversions, and removing the order book entirely from asset exchange — has dramatically lowered friction and cost for users, token issuers and liquidity providers.
With Bancor’s latest release with Fortmatic integration, users can now trade cryptocurrency using its slick UI without even needing to sign up or log in to a Bancor user account or install any 3rd party browser extension or wallets — opening up the door to mainstream users through previously untapped channels like mobile Chrome and Safari browsers!
Additionally, a new user can sign up for a Bancor account to enable more features on the platform. One of the killer features of Bancor is the interoperability between the Ethereum and EOS blockchain! Through the Bancor protocol, users will be able to create cross-blockchain Unified Wallets and convert ETH or ERC20 tokens directly into EOS or EOS-based tokens all through smart contracts! (Disclaimer: All EOS conversions happen strictly within Bancor’s Unified Wallet. Please DO NOT withdraw any EOS or EOS-based tokens to Fortmatic as EOS blockchain is currently not supported on Fortmatic)
A Fortmatic user can use decentralized asset management solutions like Zerion to transfer their Ethereum-based assets into the Bancor Unified Wallet (available after signing up for a Bancor native account), and then convert using the Bancor platform’s interface.
I’m quite thrilled by the recent full-tilt progress in DeFi. With a new variety of digital assets that can be composed using protocols like Set, Compound, and bZx, there are infinite possibilities to come, especially combined with Bancor’s multi-blockchain interoperability. One of the most amazing things about DeFi is that anyone who knows how to code can compose new crypto-based digital assets, and have them distributed on various DEXs where they will be accessible to users anywhere in the world! Adding an asset to Bancor’s permissionless protocol is as easy as staking those assets in a smart contract along with BNT (Bancor’s network token), enabling instant on-chain convertibility to 150+ tokens (e.g., ETH, DAI, EOS etc.) in Bancor’s Network.
Every day has been a gift since we started Fortmatic and we are extremely honored to be part of this ecosystem — eagerly anticipating what’s next to come as we are only at the tip of the iceberg ;)
If you are interested in learning more about Fortmatic and integrating with us, make sure to join us in our Discord channel or tag us on Twitter!
