The Safest Way to Store Cryptocurrency
Meet BANKEX Custody Service, a cryptocurrency storage solution with no minimum deposit limit.
Custody Service stores Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It also accepts BKX tokens. Service fees are waived for customers that hold a certain amount of their assets in BKX.
BANKEX combined multi-layer security with concierge banking infrastructure to make Custody Service the safest and the most customer-friendly crypto-asset storage solution.
Making blockchain client-oriented
BANKEX offers a friendly and easy-to-use interface so clients can manage their assets easily and intuitively. Clients can make deposits or withdrawals, check their balance, and view their transaction history at any time.
BANKEX provides 24/7 access, guaranteed. Clients will be able to withdraw their assets at any time without fees.
BANKEX offers unprecedented support to assist clients with the management of their funds. BANKEX provides expert live chat customer service every step of the way to help clients resolve problems.
The United States Patent and Trademark Office (USPTO) recently approved BANKEX’s application to patent Custody Service.
Why a custodial service?
When you buy crypto, you say goodbye to all of the physical attributes you are used to – no plastic cards, no banknotes, no coins or cashier’s checks.
Even scarier – there’s no customer service line. Users with unresolved questions typically find themselves on their own. If they lose their private key, chances are they will never get their money back. Also, because of the way this decentralized world works, they can’t prove that they are who they say they are.
In order to help integrate cryptocurrencies into daily life and help users who might otherwise lose access to their assets, BANKEX created a secure, headache-free way to store crypto.
Welcome to Custody Service!
How it works
The first step in BANKEX Custody Service is a KYC procedure. This stands for Know Your Customer, and the process entails exactly that – knowing the customer. Customers need to provide identifying information, just like at a bank. This allows crypto holders to access the same features enjoyed by clients of fiat banks.
As in online banking, if users forget their private keys or passwords, or if they damage their PCs, they can still access their funds. So there’s no need to memorize cryptographic credentials or engrave them on metal. In Custody Service, customers use an account name, password, and 2-factor verification, like they do with traditional online financial services.
Custody reduces error by only using human input where it is needed
Client records go into a 256-bit-encrypted database, with cloud backups on three continents. An automated module creates separate wallets for each cryptocurrency, generates a private key for each wallet, and writes these private keys to the above-mentioned database, all without human involvement.
To keep client security airtight, 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.
Secure storage and secure withdrawals
Custody uses a waterfall system for digital asset storage. This means that any given user won’t ultimately have a specific individual account. Instead, Custody provides users with addresses where funds can be directed. Users are free to share this address to let other crypto users transfer funds to them.
When there are funds on this address, we take it, amalgamate it with other addresses, thus making what we call a “crypto cell,” and once a certain amount of funds is reached, automatically move the funds to cold storage and open a new cell. This keeps the information about your personal crypto wallet private and makes the storage method even more secure, as the precise location of the final wallet where your crypto assets are kept in cold storage is fundamentally unknowable.
In addition, in Custody, to hack a wallet, one needs to physically hack a series of keys kept in a Hardware Security Module (HSM). HSMs are exceptionally secure as they are separated from the rest of the network.
Before assets can be moved out of Custody, they have to be transferred from cold storage to users’ Custody wallets.
Users can withdraw small amounts quickly without any additional verification. But, 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.
Securing your legacy
In addition to the threats neutralized by BANKEX Custody, such as hackers, lost passwords, lost wallet keys, and physical damage to key-storage devices, users have to think about the long term. The untimely death of a crypto-holder who has not left any specific instructions for the distribution of his or her assets is an eventuality that has to be provisioned for.
Probate issues can be complicated and often depend on local legislation. BANKEX Custody Service is already developing practical solutions to manage intestate legacy accounts. User agreements with Custody concierge services will soon include default dispersal agreements that are legally binding for probate courts in all jurisdictions.
Buy BKX and store your crypto for free
BANKEX Custody Service is different not only because of its security and lack of a minimum deposit — it also doesn’t have any entry or withdrawal fees. The only commission users pay is limited to 0.2% or less of the total monthly value of stored cryptocurrency. This commission can be paid using the cryptocurrency stored – if a user stores Ether, the commission can be paid in Ether.
The BKX utility token can be used to pay fees in BANKEX Custody. Storing a certain proportion of their savings in BKX will also entitle users to discounted or free storage. All a user needs to do to get the discount is to store part of their savings in BKX.
The BKX utility token is used as payment in the BANKEX Proof-of-Asset Protocol ecosystem. This ecosystem includes a native Tokenization Engine, KYC Adapter, Security Token Exchange, Trust Service, Smart Justice and Custody Service.
Other enterprises are already integrating BANKEX technology into their business. 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 token accepted by BANKEX 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