Top-50 fintech BANKEX has announced they are ready to launch a “Crypto Custody-service” (Custody), the first blockchain-based cryptocurrency depository with no minimum fund limit. “Custody-service” offers complete coverage of the three main risks with cryptocurrency storage, namely converge in the event of human factor, natural damage and virtual threats. Crypto “Custody-service” solution was developed by BANKEX in partnership with DataArt, a global technology consultancy with more than 20 years of experience.
Customer Service for Entry Level Crypto Holders
BANKEX Custody is the analog to safety-deposit box with no minimum initial deposit. Custody accepts 4 types of cryptocurrency for storage: BTC (Bitcoin), BCH (Bitcoin Cash), ETH (Ethereum) and LTC (Litecoin). The service expects to accept BKX, the utility token for the BANKEX ecosystem, for both payment and storage in the near future.
Today the vast majority of users of blockchain technologies and cryptocurrencies lack basic customer service of any kind. This is a root cause of many issues for individuals taking their first steps in the blockchain economy. Custody plans to launch entry level customer services or crypto services to acclimate users with a human presence in the form of concierge style services that mimic those of private banking services but are available to the average user for a percentage fee.
Storage Covering Crypto Risks
Custody offers services for identity and cryptocurrency asset management with no minimum deposit necessary to take advantage of customer services or security benefits. Typical human factor risks such as forgetting your password as well as the risk of natural damage and virtual threats from hackers are completely resolved for all users. Custody customer service similar to offline concierge services such as conventional access to accounts via email address and password and assistance in transactions. Terms and conditions for Custody include password recovery and the possibility to establish and manage backup systems similar to other online accounts.
The way a account holder uses a Сustody cryptocurrency account is similar to using a regular deposit box account: a bank or fund simply makes an agreement for storage of cryptocurrency assets with Custody and upon registration, all keys to cryptocurrency wallets are stored in the depository. The client receives a regular depository receipt for the stored cryptocurrency assets, a commercial and legally viable document that can be placed on any balance as a regular asset.
Custody also plans to offer a practical solution to the default management of intestate legacy accounts that have no disposition in a will or trust and are without instructions for the allocation of deposits. User agreements with Custody concierge services include default dispersal agreements that are legally binding with presiding probate court in any jurisdiction.
BANKEX is a top-50 fintech company providing blockchain-based technologies and services for digitizing a wide range of asset classes in the digital economy for the development of a global tokenized ecosystem. Leading technologies include the Proof of Asset Protocol for tokenization, the Plazma Protocol, BKXScan, BANKEX Smart Justice, BANKEX Trust Service, and the Solidity Floating Point Library.
DataArt is a global technology consultancy with more than 20 years of experience designing, developing and supporting unique software solutions for the finance, telecom, retail, healthcare, IOT and other companies. Among DataArt clients are such well known brands as Ocado, Apple Leisure Group, Travelport, Betfair and others.
BANKEX Head of PR Maria Zvyagintseva, e-mail: [email protected]
e-mail: [email protected]
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Press release updated with a new media contact, cosmetic modifications from Custody to Custody-service and removal of mention of a commission of 0.02% as details have not been finalized.