Fintech firm BANKEX recently launched its crypto custody service, which promises to merge the advantages of blockchain with the security and the service of topnotch banks, a press release revealed on September 27.
Appropriately named BANKEX Custody Service, the blockchain-based crypto storage solution caters to holders of chief cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Of course, the crypto custody also accepts its native token BKX, as well as other ERC-20 tokens.
Crypto Asset Dilemma
The crypto custody service was launched after a month-long invitation-only period, and does not have a minimum deposit threshold. It also boasts complete immunity from three most common threats to safe cryptocurrency storage—human factors, physical damage, and online assault.
BANKEX explained in the press release:
“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.”
In light of the dilemma, BANKEX Custody has Know Your Customer (KYC) features, wherein customers will have to provide identifying information just as they would at a bank. And should they ever forget their private keys or passwords, or if they damage their PCs, they won’t automatically lose their funds, so they need not memorize cryptographic credentials or write them on paper.
Also, the database cannot be accessed or comprehended by a human, thereby eliminating any human error from compromising the security of the funds.
The crypto custody also does not have any entry or withdrawal fees, and the only commission that users will have to pay is a flat rate of 0.2 percent of the total value of stored digital assets every month.
This will be accomplished specifically through the use of the BKX utility token. It will also allow customers to receive discounts up to 100 percent.
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