NEW YORK, Sept. 27, 2018 /CNW/ – After a month-long invitation-only period, BANKEX Custody Service, a blockchain-based cryptocurrency storage solution with no minimum deposit limit, is now available to all users. Along with Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, BANKEX Custody Service will accept BKX and other ERC-20 tokens. Offering complete protection from the three main threats to safe cryptocurrency storage – human factors, physical damage, and online attackers – BANKEX Custody merges the advantages of blockchain with the security and the service of high-end banks. Here’s how it works.
Using crypto, you relinquish all the physical monetary attributes you are accustomed to. There are no cards or banknotes. Even scarier, there’s no customer service line. Users with unresolved questions can find themselves on their own. If they use a private key that they’ve lost, chances are they’ll never get their money back.
Custody reduces error by only using human input where it is needed
The first step in BANKEX Custody is a Know Your Customer (KYC) procedure. Customers need to provide identifying information, just as they would at a bank. Then customers will benefit from features that, until now, only fiat bank clients enjoyed.
As in online banking, if users forget their private keys or passwords, or if they damage their PCs, they don’t automatically lose their funds. So there’s no need to memorize cryptographic credentials or engrave them on metal. In Custody, customers use an account name, password, and 2-factor verification, like they’re used to.
At the same time, the database cannot be accessed or read by a human – everything is encrypted and handled within the machine environment. The server is removed from human interference and only BANKEX’s automated modules can access it.
The United States Patent and Trademark Office (USPTO) recently approved BANKEX’s application to patent Custody Service.
While small withdrawals with unproblematic logins are approved automatically, large withdrawals, logins from strange locations, and other suspicious factors cause the withdrawal request to be flagged for human review.
Buy BKX and store your crypto for free
BANKEX Custody Service is not only differentiated from its competitors thanks to its security and lack of a minimum storage amount; it also doesn’t have any entry or withdrawal fees. The only commission users pay is no more than 0.2 percent of the total value of stored cryptocurrencies per month.
The BKX utility token will be a method of paying fees in BANKEX Custody. It will also enable users to receive discounts that can reach 100%. All a user needs to do to get the discount is to store part of his or her savings in BKX.
MovieCoin, a blockchain-based platform, has already applied the BANKEX Proof-of-Asset Protocol to transform the financing of major motion pictures, television, and other entertainment media. MovieCoin Smart Fund Tokens will be the first security tokens to be accepted by BAKEX Custody.
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. Leading BANKEX technologies include the Proof-of-Asset Protocol for tokenization, Plasma Protocol, BANKEX Scan, Smart Justice, Trust Service, Pay, Bounty Service, and the Solidity Floating Point Library.
For more information, please visit bankex.com.