BankEx is ranked amongst the top 50 Fintech startups being a Bank-as-a-service exchange. It is a decentralized solution based on blockchain technology. The bank tokenizes long-term assets to extract tradable derivatives by applying third-party Fintech technology. The bank then trades those derivatives keeping them within a secured banking parameter (as happens in case of oil market’s Brent futures). There are various supported products of BankEx including cash flow securitization, decentralized KYC, crowdfunding for rejected loans, etc. The BankEx has collaboration with Microsoft, IBM, Moscow exchange and almost ten (10) banks. The token sale of the ICO is yet to be announced.
The BankEx is a decentralized solution that undergoes trading of assets using smart contracts based on blockchain technology. For e.g. there is a used car, and BankEx wishes to tokenize it. At the first stage engineers of the bank will verify the vehicle to ensure it is not stolen, its proper documentation is available, it’s overall condition etc. Then the bank will check the availability of the assets concerning its geographical location and arrange delivery service by verifying terms and conditions. This arrangement is done to bring the asset in an escrow safe car parking of the bank’s jurisdiction. Once the car arrives at the bank’s secured parking, then the bank will put all the information related to the car into formula1. The formula1 is unique for every asset. The bank then gets an ethereum based smart contract. The ethereum smart contract is then further processed using formula2 which turns the smart ethereum contract to a smart asset that is verified by the bank.
The car may then require a final review. Remember every operation that involves bank’s smart assets requires BankEx desk. At this stage, the product token or a car token goes into the market. Now the bank locates the best match concerning the bid price. Once the match is located, the final amount of the asset is determined. It can be lower, equal or higher than the initial price of the car. Anyhow, the car token is then delivered to the buyer. This is how BankEx operates.
People can buy tokens using the method explained above. There can be another method to earn token and that is to buy a token at the launch of the ICO. The ICO is expected to be launched in November 2017. Please note that BankEx token can’t be purchased via Dollars or Euros. You have to come through proper channel to earn a BankEx token. Either by participating in the launch of ICO or by purchasing a token from someone already have. Remember, the pre-ICO phase has been closed so don’t try to buy them now.
Like all other ICOs, BankEx is also based on blockchain. Hence all funding, as well as transactions, will take place using blockchain technology and the involved parties will be compensated in their electronic wallet accounts. Transactions are considered transparent and secured as long as they are carried on the blockchain.
The ICO Distribution
The ICO is expected to be launched in November 2017. The final date of upcoming ICO is not known yet. However, as per publically available information, people will be able to purchase a minimum of 1 token. The value of 1 ethereum will be equal to 500 tokens that mean 1/500 Ether.
Like all other ICOs, the BankEx also has a core team of professionals and industry experts who contributed their deliberate efforts to make it happen that the ICO is just about to launch. The BankEx core team comprises four team members listed below
IGOR KHMEL – is the CEO of BankEx
DENIS KHORUZHIY – CTO of BankEx
DIMA DOLGOV – is the Operations Lead at BankEx
STAN SUSHKO – is responsible for looking after legal affairs and compliance issues.
BankEx is an ultimate decentralized solution for non-liquid items powered by blockchain technology. Since the ICO has collaboration with multiple financial institutions and banks, it is going to make this venture successful. Its proof of asset protocol ensures that the token issued as a part of the protocol is backed up by an actual asset. The BankEx protocols consist of four stages that involve digitization and tokenization as well as trading of asset and dealing making it incomparable with the contemporary banking solutions.