RATE Group | This DEX Is Enabling Payments in Any Ethereum Token
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This DEX Is Enabling Payments in Any Ethereum Token

18 Sep This DEX Is Enabling Payments in Any Ethereum Token

Posted at 14:06h in Ethereum News by

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119,876 – that’s how many ethereum ERC-20 tokens are currently in existence.

It’s a number that is growing by the hundreds every day, but the trouble is, according to Loi Luu, the CEO and co-founder of decentralized exchange Kyber Network, the majority of those tokens fall short of a practical use case.

“What we observe is that most tokens are used only on exchanges for trading purposes or within their own specific platforms if the platform is live,” Luu said.

Luu wants to change that and unlock the potential of ERC-20 tokens to be used for payments.

And to do that, Luu revealed exclusively to CoinDesk, Kyber Network will be extending the on-chain liquidity smart contract protocol, called Kyber Network Crystal (KNC), which underlies its decentralized exchange to allow businesses to accept payments through any ERC-20 out there.

Luu told CoinDesk, “Our main goal is to make tokens usable anywhere.”

In practice, this means businesses can accept payments in any ethereum token,…

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