BANKEX’s recent registration in Malta has paved the path to the first sale of BANKEX tokens to a leading institutional user on the financial assets market. The tokens that are now in the possession of this financial powerhouse are time-locked and will be used within the framework of the BANKEX STO. As proven by this deal, BANKEX is now opening a new exciting chapter in its development, one defined by cooperation with big enterprises. With this success, BANKEX is now focusing on its main infrastructure services and tech: BANKEX Custody Service, BANKEX Token Exchange, Ethereum Plasma Prime, and an STO framework. Since BANKEX’s founding as a startup in 2015, it has formed a final award-winning team, established strategic partnerships, and has had its token listed on important exchanges. But it is worthwhile to look back to see just how the company transitioned from startup to major player and the tech that powered it all.
Fintech company BANKEX was founded in 2015, when it provided Know Your Customer (KYC) services to banks, developed chatbots, researched markets, and participated in and won hackathons. Then, in 2017, the company began to focus on developing the Proof-of-Asset Protocol to unify Banking-as-a-Service product modules and blockchain technology.
To make this new unification a reality, BANKEX initiated a token sale. This was ranked among the most anticipated and successful sales of 2017 according to an independent ranking from Entrepreneur media. Shortly thereafter, in February 2017, BANKEX signed a partnership with Microsoft to develop blockchain technology.
Now after this period of successful development, the BANKEX team is formed, the services are tested, and the burn rate is limited to operating expenses – salaries and office rent, specifically. With the flagship office in New York, business development office in Singapore, strategic partnership offices in Hong Kong and Tokyo, engineering teams in Moscow and Saint Petersburg, BANKEX now has a solid team dedicated to pushing boundaries and perfecting its infrastructure services and tech. Here’s where BANKEX has focused.
BANKEX Custody Service
One of these services, BANKEX Custody Service, is the first crypto depository that has no minimum deposit limit and offers complete protection from the three main threats to safe cryptocurrency storage – key loss, physical damage, and online attackers. This solution will allow coinholders to store their crypto assets in a secure storage system that has special conditions for BKX tokenholders such as the ability to store crypto for free. BANKEX Custody Service is catered to holders of tentpole cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It will soon accept ERC-20 utility tokens along with security tokens.
BANKEX Custody is a bank-like depository offering client service and KYC features. In BANKEX Custody, customers have to provide identifying information just as they would at a bank, thus making it possible for accounts to be restored.
BKX is not a dividend-bearing token. Instead, BANKEX offers a model wherein possession of its tokens gives users perpetual free access to its services. This is a lot like a subscription to web services, except that payment is only made once, instead of on a regular basis. This is a technically complex model, and the aforementioned Custody Service is where BANKEX is starting the model’s implementation. Service users owning tokens reduces the amount of tokens in circulation, and thus results in a profit for token-holders.
BANKEX implements all this convenience while still providing unparalleled security. The Custody database cannot be accessed or read by a human – everything is encrypted and handled within a machine environment. The server is removed from human interference and only BANKEX’s automated modules can access it. In addition, in Custody, to hack a wallet, one needs to hack a whole series of nested keys kept in a Hardware Security Module (HSM) within the Amazon cloud.
BANKEX Token Exchange
The next important development is this new BANKEX trading platform. It will become the key element within the framework of the BANKEX Security Token Offering (STO) and support trades within the secondary market.
This new platform enables not only the trade of BTC and ETH basic pairs, but also the trade of complex security tokens connected to real-world assets. BANKEX Token Exchange will serve as a second market for security tokens and will support tZero tokens, ST-20 tokens, and ERC-888 security tokens from BANKEX that incorporate KYC verification methods. The trading platform stores assets in BANKEX Custody Service. Keeping assets in the cold storage of Custody Service will ensure that assets won’t be stolen and will help prevent any business difficulties that could arise from insecure storage.
These tokens that will be supported by the new exchange will only be available to people who have gone through and been approved by KYC and Anti-Money Laundering (AML) procedures.
BANKEX Digital Deal
BANKEX Digital Deal is the next product that will transform traditional businesses into digital ones. It is clear that businesses that disregard the importance of digitization will perish. BANKEX can help keep business competitive with its Digital Deal, which will prepare a business for tokenization, taking the documents and records establishing the basis of business and digitizing them so the business can move forward into the digital world.
The importance of this upcoming change has been noticed by more than just BANKEX. According to the Massachusetts Institute of Technology, while technology advances quickly, organizations and skills tend to develop at a slower pace. Not wanting to be behind, MIT decided to act. The upcoming global digital transformation excited MIT’s team of internationally recognized thought leaders and researchers who decided to launch the Initiative on the Digital Economy (IDE), which explores how people and businesses will work, interact, and prosper in an era of profound digital transformation.
Digital Deal for Enterprise is one of the solutions that will bring about this transformation. Digital Deal for Enterprise is a traceability solution within the BANKEX Supply Chain framework established on the public Ethereum blockchain. Privacy is ensured by BANKEX’s Supply Chain Wallet, which empowers the connection of private keys to employees’ roles in the Supply Chain system as well as access to common functions of their smartphones, such as taking photos or providing locations.
BANKEX Security Token Frameworks
These previously mentioned services complement the next BANKEX development: the BANKEX Security Token Framework. BANKEX is the first company that offers a complete STO framework throughout a security token’s full life cycle – including the digitization, issuance that meets both KYC and AML requirements, secondary market trading, and burning. In order to ensure a token’s liquidity and mitigate risk, BANKEX offers the opportunity to securitize tokens by combining them. This functions in the same way that Brent Crude Oil Futures work.
These BANKEX products and services, including products and services not listed here, are also used to interact with BANKEX digital assets such as MediaToken, Franchise Token, and Real Estate Investment Trusts (REITs). BANKEX ecosystem products and services are necessary for these digital assets, otherwise known in our system as tokens, to be accurate, legal, and liquid.
BANKEX security tokens are the result of other enterprises integrating BANKEX technology to migrate their business to the blockchain. MovieCoin, for example, is developing a blockchain-based platform that incorporates the BANKEX Proof-of-Asset Protocol as well as smart contracts to transform the financing of major motion pictures, television, and other entertainment media.
In addition, BANKEX has also entered into partnership with Codex Protocol, a decentralized registry for unique assets, to establish an end-to-end solution for the securitization of valuable collectibles. The partnership is an exciting opportunity to provide more liquidity to collectors and more investment opportunities for capital-providers while preserving the privacy of both — something financial markets and individuals have long demanded.
BANKEX: Moving Forward
Since 2015, the BANKEX has developed and grown. Once just a startup, it is now responsible for true innovations, the main ones already listed above. It has seen grand success and is looking to use these wins to further power its next-gen tech implementations. BANKEX is now looking forward with a focus on advancing the fintech world.
BANKEX is a global top-20 fintech company developing the Proof-of-Asset Protocol to bring Banking-as-a-Service (BaaS) product modules and blockchain together to enable digitization, tokenization, and exchange of assets for the full development of a tokenized global ecosystem. BANKEX infrastructure services and technologies include STO Framework, Custody Service, BANKEX Token Exchange, Ethereum Plasma Prime, Supply Chain, and Digital Deal on the Ethereum blockchain.
BANKEX Head of PR Maria Zvyagintseva
This is a press release. Trustnodes has not undertaken any verification of any of the above statements and any statement or project contained therein is not necessarily endorsed by Trustnodes. Readers are strongly urged to do your own research.
Press Release updated to state institutional user, rather than institutional investor.