Bitpanda, the European fiat ramp for buying and selling coins, has opened up to an ICO with the ambitious aim of building a cross-platform solution and decentralized exchange. The Pantos project gathered 18% of its intended hard cap of 1,500 BTC within a day of its launch.
The work on the project would begin immediately, in cooperation with Austrian research facilities:
“Pantos is an open-source, open-innovation driven scientific research project. It will be developed in collaboration with researchers at the Technical University of Vienna, the Research Institute for Future Cryptoeconomics (RIAT) and the Austrian Academy of Sciences. Together we will bring Token Atomic Swap Technology (TAST) to life, which will prospectively act as a key technology in a tokenized world,” reveals the token sale page.
The Pantos digital asset, PAN, will have the unique feature of being transferable between chains, but not in the same manner as with Atomic Swaps. For now, the exact protocol on how the token would move to another chain is unknown. That is why the Pantos project is taking up the academic and scientific approach, instead of going directly for a commercial product or an exchange.
So far, frictionless, decentralized movements between blockchains have been proposed only in theory, and there is no standard of achieving the goal. Pantos wants to create an open-source standard for this problem.
At this point, the Pantos project may even sound downright confusing, but it would gain visibility due to the popularity of the Bitpanda platform.
Until now, Bitpanda has been relatively conservative, only offering four assets for immediate exchange for cash. Only recently the platform has added Bitcoin Cash (BCH) to its portfolio, as well as Ripple (XRP).
Buyers into the ICO may use their Bitpanda accounts. The platform warns of potential scams, in the form of directly shared wallet addresses:
The ICO, however, is closed for US-based investors. For now, the Telegram community is relatively small, with around 1,700 members. It is unknown whether the Bitpanda platform would immediately offer a fiat on-and-off ramp for the PAN token, or whether the asset would be listed on exchanges with greater ease.