Accelerates ambitious development
timeline through venture and crowd-backed sale
New York, NY, June 16, 2017 -
Bancor, the standard for creation of intrinsically tradeable cryptocurrencies,
or “Smart Tokens,” today announced the raise of $153 million USD in its Token
Generation Event (TGE) earlier this week, the largest crowdsale in history. BNT
tokens were issued immediately to contributors following the TGE conclusion via
an Ethereum smart contract.
Bancor Co-Founder Galia Benartzi said, “Bancor is deeply grateful to our vast
community for its support in making the project's launch an astronomical
success. Together, we made history as the world’s largest crowdsale to date,
spurring the most significant spike in transactions the Ethereum ecosystem has
“As Bancor launches into its development phase with substantial initial
funding, we can accelerate our plans to transform the industry with a platform
that enables anyone to easily create a viable currency for their community or
project, as well as strengthen BNT with a large reserve, buy back program, and
partnership grants. Our expansion begins today.”
Bancor enables the easy creation of smart tokens, which allow for newly
embedded functionality into cryptocurrencies. With the ability to hold other
tokens in reserve and to be traded directly with their own smart contracts, as
opposed to any counter-party, smart tokens can instantly be exchanged for
tokens of all types on the network, enhancing liquidity and facilitating
usage-driven and algorithmic price discovery.
Galia Benartzi said, “Bancor Network Token (BNT) holders can easily exchange
their smart tokens for others in the network. BNT will serve as the reserve
currency for new smart tokens created by anyone on the Bancor platform,
capturing the network effect of the ecosystem's growth. Bancor’s network allows
tokens to be traded directly through their smart contracts, without the need
for an exchange, providing a new solution to the liquidity limitations that
have historically prevented the spectrum of user-generated currencies from
“The cryptocurrency community has provided us with an historic mandate. With
their digital wallets, contributors from around the world demanded access to
the technology the Bancor team outlined in our white paper. With this community
of supporters in mind, as well as future end-users of smart tokens, Bancor is
determined to create a platform with universal utility that can elevate the
industry to new heights and fundamentally change the economic landscape
forever,” added Galia Benartzi.
The Bancor TGE attracted 10,885 buyers with more than 15,000 transactions sent
to the address for purchases during the event. In total, 79,323,978 Bancor
network tokens (BNTs) were created as part of the Token Generation Event. Half
of the total tokens, 39,661,989 BNT, were sold to the public, while the
remaining were allocated to future use as detailed on their website prior to
Bancor will use the proceeds of the raise as follows: 40% dedicated to software
development, 20% as an Ethereum reserve for BNT, 12% toward marketing and
business development, 10% for seeding Token Changes (smart tokens that hold
multiple reserves and allow for direct exchange between them) and
exchange-traded funds (Token Baskets), 8% for operational costs, 5% for legal
expenses, and the remaining 5% for miscellaneous purposes.
Capitalized in record-setting fashion, Bancor’s team announced plans to accelerate
specific elements of the Project Roadmap, available for public viewing and
commentary on Trello.
“Bancor is delighted to move into an accelerated development phase, thanks to
the enormous support of our contributors in making our Token Generation Event a
momentous success. It is with great pride that we take our next steps and
expand our ambitious plans, including adding talent to our already world-class
development team, and empowering communities internationally to adopt smart
tokens for their networks,” said Galia Benartzi.
The Bancor team consists of Foundation Council members Guy Benartzi, Eyal
Hertzog, and renowned economist and architect of the Euro Dr. Bernard Lietaer
serving as Chief Monetary Architect, with Galia Benartzi leading business development,
and Yehuda Levi as Chief Technology Officer.
Bancor’s sterling advisory board includes legendary venture capitalist Tim
Draper of Draper Associates; research scientist at the MIT Media Lab Human
Dynamics Group John Henry Clippinger; eToro CEO Yoni Assia; CEO of Financial
Algorithms Yariv Gilat; Facebook's former Head of Commerce Lee Linden; and
Co-Founder of Asana Justin Rosenstein, among others.
For more information, the Bancor whitepaper is available at www.bancor.network.
Bancor protocol is an initiative of the Bprotocol Foundation, a nonprofit
organization based in Zug, Switzerland. Bancor protocol is a standard for the
creation of Smart Tokens, a new standard for cryptocurrencies which are
intrinsically tradable. Starting on the Ethereum public blockchain, Bancor
utilizes an innovative reserve method to enable built-in price discovery and
automatic liquidity for cryptocurrencies, without the need for matching two parties
in an exchange. The Bancor protocol creates a new type of interconnected asset
exchange ecosystem which unlocks the long tail of user-generated tokens. Smart
tokens are designed with additional functionality such as "delegated
account recovery" and "vaults" to address security and recovery
issues. The aim of these features is to make cryptocurrencies accessible to all
and to encourage mass adoption of these advanced technologies in society.