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Introducing the Upgraded Bankera Token at SpectroCoin

February 17, 2022

Recently, Bankera has announced an updated version of its token. The upgraded token will follow the ERC-20 standard, opposed to ERC-223 used by the original Bankera token (BNK-223). Starting next Tuesday (22nd February 2022), the upgraded Bankera token (BNK-20) will be supported at SpectroCoin.

Introducing the Upgraded Bankera Token

This upgrade will enable Bankera tokens to be traded on DEXes (decentralized exchanges) and to be used in other DeFi (decentralized finance) applications. You can read more about the upgraded Bankera token (BNK-20) in Bankera’s blog post about it here.

Exchanging between original and upgraded Bankera tokens

SpectroCoin will support an exchange between upgraded (BNK-20) and original (BNK-223) Bankera tokens at a rate of 1:1000, which means that for 1000 original Bankera tokens (BNK-223), you will be able to get 1 upgraded Bankera token (BNK-20). Because of the new, lower hard cap of upgraded Bankera tokens (BNK-20) of 10,000,000.

What will happen to the original Bankera tokens and weekly revenue?

If you do not exchange your original Bankera tokens (BNK-223) for upgraded (BNK-20) ones, nothing will change for you. You will continue to receive your weekly revenue as of now. However, the weekly revenue part, attributed to the upgraded Bankera tokens (BNK-20), will be used to buy them back in the market. Later, Bankera will burn these to reduce the supply of Bankera tokens.

Utility of Bankera tokens

As currently, you will be able to use Bankera tokens to get lower interest rates for crypto loans at SpectroCoin, and to pay for Bankera business account opening at a better rate.

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