Bankex Launches Crypto Custody Service with No Minimum Deposit

Decentralized ‘Bank-as-a-Service’ platform Bankex has announced the launch of a custodial service for digital assets. Simply named ‘Crypto Custody,’ no minimum deposit is required to use the platform. Bitcoinist reported that funds stored in the service are fully covered against natural damage, virtual threats, and human error.

So far, the custody service accepts deposits of four Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. In exchange for storage, Bankex will charge a commission of no more than 0.2 percent of the total volume of cryptocurrencies stored. Fees can be paid with their corresponding cryptocurrency. There are also plans to eventually accept BKX, Bankex’s native token.

Bankex Will Reportedly Offer Customer Service With a “Human Presence”

To make Crypto Custody more user-friendly, Bankex reportedly has plans to implement customer service offerings with a “human presence.” More specifically, users who are beginners in the crypto space will have access to concierge-style services to acclimate them to basic crypto protocols (i.e., sending cryptocurrency into Custody), but not without paying a percentage-based fee.

The service is slated to operate similarly to the way that an offline safety-deposit box works: an agreement between the customer and Custody is made, the currency is deposited, and the customer receives a commercially and legally viable depository receipt.

An Increase in Custodial Tools Could Boost the Industry

Earlier this week, Fundstrat’s Tom Lee told Bloomberg that he believes that a lack of appropriate institutional tools, like custodial services, is holding the cryptocurrency industry back.

While Bankex’s Crypto Custody certainly isn’t the only custodial tool out there, its lack of a minimum deposit may lower the barrier of entry. In turn, smaller firms with limited crypto capital or larger firms who may only keep small holdings of cryptocurrency may finally have a service that suits their needs.

Bankex’s self-described mission is to “bridge the gap between the emerging Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term sector and traditional finance” by providing asset tokenization services. The firm launched its token sale in late November of 2017.