What is Bankex (BKX)?
Future of BKX Cryptocurrency and know how to buy BKX

#1 – What is Bankex?

Bankex – The Basics

  1. A number of blockchain-based platforms operate on the Proof of Work (PoW) and the Proof of Stake (PoS) protocols. Bankex is an organization working to revolutionize the capital markets with its Proof of Asset (PoA) protocol-run platform.
  2. The company is in the process of developing a blockchain ecosystem that provides digital bank services through tokenization. Its main model is the BaaS - Bank as a Service - which enables the users to manage their assets online on a blockchain network.

Bankex Development

  1. Bankex is a US-based company, founded in 2009 by Igor Khmel, who currently heads the company.
  2. The platform resulted from Khmel’s idea to remove the disparity between the fintech and the banking sector.
  3. Instituting blockchain into its system, Bankex attempts to fill this gap without disrupting either of the two sectors. Igor started the project with a team of ex-bankers and blockchain developers.

 

#2 – What are the benefits of Bankex?

Bankex Technology

  1. Bankex employs a combination of technologies for the process of asset tokenization. Tokenization converts data assets into algorithmic values, called token, presented on a blockchain network. The process involves steps such as asset description, oracle verification, price calculation, audit, and calculation of cash flows. This is done through a set of Bankex technologies, such as:
    1. - Crypto Hedge Trading
    2. - BestRate Chatbot
    3. - Multicurrency TokenSale Engine
    4. - IoT Blockchain Integration Adapter
  2. Plasma technology provides a direct asset exchange platform to the Bankex users without the involvement of third parties. Plasma is an Ethereum blockchain network that provides speedy transactions alongside reduced costs and increased security.
  3. Bankex also makes use of Microsoft Azure services for various developmental purposes:
    1. - Active Directory gives the Bankex team access to the MS Azure services.
    2. - Storage Account provides solutions for keeping all the data stored in a durable and scalable space.
    3. - App Service Plan enables the users to host the Bankex products. It also facilitates the team to manage the platform efficiently. Furthermore, this features safeguards the platform from online attacks.
    4. - Application Insights present the statistics regarding the products’ performances for the team to make further developments. It also detects errors and discrepancies, if any.
    5. - Visual Studio helps the team incorporate modifications in the coding during the developmental process.
  4. Bankex uses Solidity, an open source library (and Ethereum’s programming language), for the purpose of collaboration and participation in the ecosystem. It employs the floating point number system to perform calculations with convenience as well as precision.

 

Features

  1. Decentralized BaaS: Instead of displacing the banking system, Bankex aims at integrating the finance sector with banks through its decentralized BaaS model to create a symbiotic relationship between the two.
  2. Microservice Architecture: At Bankex, users enjoy improved scalability and agility on the blockchain network with its microservice architecture. It is a network that allows different services to be arranged independently.
  3. Data Storage: In addition to tokenizing the users’ assets, Bankex also provides a safe and durable storage space for these assets.
  4. Smart Asset: Bankex pools the user assets into different classes of smart assets. The concept of Smart Asset involves three steps to make the asset liquid: initialization, validation, and valuation.

Transactional Process

  1. The transaction process makes use of the Proof-of-Asset protocol. By employing a combination of BaaS and blockchain network, the PoA protocol performs the process of tokenization. The user first uploads their assets on Bankex. The platform then segregates the assets in different classes and pools them:
    1. - Land Registry
    2. - Commodities
    3. - Franchise
    4. - Real Estate
  2. The stages of tokenization are then implemented to turn the assets into money for the bank. In sum, pools of different asset classes create a marketplace that provides liquidity to the banks and transparent cash flow to the investors.

Corporate Usage

Bankex has key uses for fintech companies. With its Bank as a Service (BaaS) business model, Bankex provides technological and legal jurisdictions to companies launching new products for market expansion. The platform comprises of the technological and legal integration to enable the companies a fast and convenient product launch without much hassle.

 

#3 – How to buy and store Bankex?

How to buy BKX

Bankex’s token BKX is a utility token built for the participants of its ecosystem to contribute to and utilize the platform. It is available for purchase on exchanges like OKEx, Bittrex, IDEX, Coinbene, and Hotbit. Here is how CoinSwitch will help you buy Bankex:

  1. CoinSwitch, as the largest cryptocurrency conversion platform, allows users to trade their cryptocurrency for Bankex utility tokens across exchanges, from one place. You have the option to go through over 45,000 pairs of crypto exchange to choose your preferred one.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your VIB cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Storage

The BKX tokens can be stored in any ETH wallet like MyEtherWallet since they are ERC20 compliant. Other storage options include hardware wallets like Ledger Nano S and Trezor. Exodus and Jaxx are also the storage wallets for BKX.

 

#4 – What is the future of Bankex?

  1. The tokenization platform has performed well since its launch. After raising more than $10 million dollars in its pre-sale, Bankex has bagged 17 strategic partnerships and backing from 9 banks for its BaaS model. October 2017 witnessed the BKX token sale.
  2. For the future, Bankex plans to make its platform asset-backed and bridge the markets of cryptos and fiat. The company is not following a specific roadmap.

Complete Analysis of Bankex| Live Bankex (BKX) Price Charts & Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

0.213089

0.215576

0.200720

0.202713

615,039

15,757,300

June 01, 2018

0.288912

0.293868

0.255185

0.291294

975,089

20,424,600

May 01, 2018

0.456175

0.456175

0.392339

0.409990

2,327,140

31,617,700

Mar 01, 2018

0.831279

0.992309

0.827029

0.964102

7,055,020

-

Feb 01, 2017

1.25

1.43

1.11

1.24

17,268

-

 

#5 – How is Bankex different from other cryptos?

  1. Bankex is a unique platform employing the Proof of Asset protocol for tokenizing assets and giving them liquidity simultaneously.
  2. Some of the major competitors of Bankex include Loopring, Stellar, and MakerDAO. However, the numerous services that Bankex offers to its users for asset tokenization and storage distinguish it from all other blockchain cryptocurrency platforms.
  3. While other cryptocurrencies may be racing to beat banks in a new economic age, Bankex intends to work with banks to usher in a new financial revolution.

 

#6 – Should you invest in Bankex?

  1. The Proof of Asset protocol is what makes Bankex a truly needful platform in today’s economy. In the simplest words, Bankex aims at giving liquidity to the investors’ assets. It does so by integrating the banks and the financial assets through the process of tokenization. The advantages of tokenization indicate the potential that Bankex carries in its coin BKX.
  2. The team led by Idor Khmel, an MBA graduate from Stanford, has both experience and expertise in banking and blockchain development.
  3. They also have support from some renowned industry names like Chris Skinner, a leading financial markets strategist, Sergey Sergienko, Founder of Chronobank, Sasha Ivanov, Founder of Waves, and more.
  4. In transforming the way of making transactions online, Bankex can offer a profitable long-term investment.
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