The Bancor Network project raised just over $147m on Monday morning in an initial coin offering, making it one of the largest ICO campaigns in the blockchain industry.
Bancor Network enables the creation of smart tokens, which can hold one or more tokens in its reserve. It also allows any party to instantly purchase or liquidate them directly via smart contracts (self-executing transactions), without the need to rely on over-populated exchanges.
Bancor creates relationships between the ever-increasing number of tokens and allows conversion between them through a new kind of economic model which uses an algorithmically discovered price to balance buy and sells, keeping constant ratio of the reserve balances available.
The Bancor.Network website indicates it has raised 396,720 Ethereum. During the time of the fundraising campaign, Ethereum was spiking up to $400 – breaking a new all-time-high for the fourth consecutive time in the last thirty days.
On the advisory board
Yoni Assia, founder and CEO of eToro, the world’s leading social trading platform and investment network, brings with him years of insight and knowledge with fintech startups, financial banking, trading, social networks and the Blockchain. All of which is crucial to Bancor Protocol’s vision and execution.
“I am very excited to join the Bancor advisory board and to promote the protocol and its benefits. This technical solution for token exchange will create massive efficiencies in the new financial world which may help speed up adoption and the transition from the traditional economy we are all waiting for.”
Yoni Assia has been active in the cryptocurrency space since 2010. He has been a part of projects like ColoredCoins.
“ColoredCoins started in 2013 as a method to push metadata to the Bitcoin blockchain, and then evolved over the years to a vibrant ecosystem for digital currencies.
“As the open source community continues to develop, a consortium of stakeholders has formed with the realization that the blockchain movement will transform the way we do business in the future and that this revolution, much like the internet, will happen after standards will form around every layer of the stack.” – ColoredCoins
Mr. Assia has a very impressive educational background as well. He obtained a degree in MSC, Computer Science as well as completing B.Sc in Computer Science and Management.
Guy Benartzi, CEO of Bancor was thrilled about Mr. Assia joining the Advisory Board.
“We couldn’t be more honored to have a seasoned entrepreneur like Yoni join us on the Bancor journey. We have worked side by side in the industry for years and are finally combining our efforts for the good of users everywhere who will benefit from continuously liquid smart tokens”