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Bitpanda-backed Pantos' Multichain Token System Launches in Public Beta

Tue, 02/14/2023 - 14:00
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Gamza Khanzadaev
Pantos introduces its multichain token system in public beta
Bitpanda-backed Pantos' Multichain Token System Launches in Public Beta
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Multichain token system Pantos, created by the development team behind Austrian asset trading platform Bitpanda became available for public beta testing. At the moment, all interested users and developers have the ability to receive and send, as well as to wrap, the native tokens of the networks supported by the platform. There are currently seven of them: Ethereum, Polygon, Avalanche, BNB, Cronos, Celo and Fantom. It is reported that the list is not final, and further integration of both Ethereum-based and non-EVM chains into Pantos is expected.

At the same time as the public beta, a multichain token standard, Pandas, is introduced. On the one hand, using the new standard, developers will presumably be able to deploy assets across multiple networks without the need for maintenance. On the other hand, users without the skills to code will be able to deploy their own multichain tokens with ease.

Pantos' system, developed jointly with universities of technology in Vienna and Hamburg, has the mission of establishing an open standard for truly decentralized multichain token transfers as well as blockchain interoperability.

Interestingly, Pantos began as a research project inside Bitpanda, and in the process of development, it has grown to run one of the largest blockchain laboratories and receive funding from the Austrian government. On top of that, Pantos has already partnered with Raiffeisen Bank International, one of Austria's leading banks, to work on blockchain interoperability solutions.

Pantos' public beta comes with a trusted validation mechanism in order to test the security of the protocol before a full transition to a decentralized system. It also has its own token, PAN, used as payment for gas. The token is available on Bitpanda and N26.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.