Cryptocurrency

Utemis Partners with Bancor Network

Utemis is a business to business e-commerce platform that unifies the whole of the Latin American continent in one marketplace.  The platform utilizes the main assets of the blockchain technology, decentralization and inviolability, to facilitate trade and provide trustworthiness and credibility for businesses in Latin America. Basically, what Alibaba is to South-East China, is what Utemis is created to be for Latin America, a platform bringing international trade to one marketplace.

UTEMIS Token

Some of the greatest drawbacks involving international trade are the ridiculously high transaction fees and the time it takes to process a transaction. These deficiencies stem from the fact that international trade involves a multitude of fiat currencies and with different currencies come the complexities. These problems would be solved if there was a single, universal currency to be used for trade irrespective of the countries involved, cue the Utemis token. The Utemis token is the native token of the Utemis platform created to facilitate transactions on the platform. It is an ERC20 compliant token built on the smart contracts protocol of the Ethereum blockchain. The Utemis token denoted by UTS will serve as the only recognized cryptocurrency on the platform to facilitate online trade all around Latin America. The first phase of the UTS ICO is currently in progress and will end on the 1st of April 2018 after which the second phase of the ICO will kick off immediately.

The Utemis and Bancor Partnership

A cryptocurrency exchange is a digital marketplace that allows for the conversion and trade of one cryptocurrency to another cryptocurrency or fiat currency. Essentially, a cryptocurrency exchange is a platform where one cryptocurrency can be exchanged for another cryptocurrency or fiat currency. The Bancor Network functions like a cryptocurrency exchange by providing a decentralized liquidity network for cryptocurrency exchange.

Bancor allows for the conversion of one token to any other token in the network, with no counterparty, at an automatically calculated price, using the Bancor formula. Bancor network uses an algorithmic formula that allows tokens to be converted to one another even without matching two connecting parties like in regular cryptocurrency exchanges. The formula balances buy and sell in such a way that so that every token has a standard formulaic relationship to other tokens in the network. The continuous liquidity provided by Bancor is a direct result of this formulaic price calculation mechanism.

On the 12th of March 2018, The Utemis platform announced in a press release its integration partnership with the Bancor Network. A partnership which will see to the trading of the Utemis token – UTS on the platform. The Utemis token will be made available for trade on the Bancor Network starting from the 1st of May 2018. Some of the benefits the Utemis platform stands to gain from this integration include;

  • Continuous liquidity

Users will be able to convert the UTS token to any integrated token on the network at any time irrespective of buyers and sellers, exchange listings or trade volume.

  • No counterparty risk

The Bancor Network, using the smart contracts protocol will serve as an intermediary between buyers and sellers of the UTS token, no initial deposit or exchanges required.

  • No registration

All transactions involving the UTS token will be made directly from the user’s web3 wallet.

  • Integrated tokens

Bancor has over 50 integrated tokens on the network including Eos (EOS), Lead coin (LDC), Gnosis (GNO), Tron (TRX) and Bancor Network Token (BNT). BNT Smart Token is the native hub token that connects every token in the network so that they can be easily converted to one another.

Conclusion

The integration of the Utemis token in the Bancor network is just the first step in the expansion plan of the platform. According to the CEO and co-founder of UTEMIS Juan Pablo Vazquez, there are plans underway to appreciate the price value of the UTEMIS token and the partnership with Bancor is just one of the steps towards realizing that goal. For more information on the Bancor network, visit the website here. For regular updates on the Utemis platform, their ongoing ICO and new partnerships, visit the website here. For a more in-depth explanation of the Bancor and Utemis partnership, interested individuals can get more information about that here.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

Share
Published by
Angela Scott-Briggs

Recent Posts

What is the concept of Coinbase Transactions on cryptocurrencies?

Transaction means dealing your assets on a particular value from one end to another. Similarly,…

19 mins ago

How to Build a Balanced Crypto Portfolio?

If you are new to cryptocurrency investing, you can get started with it as easily…

25 mins ago

5 Top Blockchain Project Ideas For Novice

Blockchain technology is believed by many to be what powers bitcoin, but it is believed…

38 mins ago

Which are the best crypto interest platforms?

Crypto wallets were utilized to keep crypto assets initially. However, as time passes, the cryptosphere…

41 mins ago

How Governance Affects Crypto?

Cryptocurrencies began as a technical experiment before becoming a multi-billion-dollar asset class. With so many…

48 mins ago

What is the crypto and blockchain revolution?

The previous twelve months have witnessed two activities which are essential for the future of…

51 mins ago