BANKEX, the leading global fintech company, has launched its very own BANKEX Token Exchange. This new platform enables not only the trade of basic pairs of utility tokens, but will also allow the trade of complex security tokens connected to real-world assets in respect with the Maltese legislation. BANKEX Token Exchange will serve as a secondary market for security tokens and will support ERC-1400 and ST-20 token standards as well as ERC-888 security tokens from BANKEX that incorporate KYC verification methods. The trading platform stores crypto in BANKEX Custody Service, an eminently secure cold storage depository.
Crypto enthusiasts and security token owners all over the world have something to smile about thanks to BANKEX launching its all-in-one secure exchange platform
BANKEX, bolstered by its experience issuing security tokens as well as its familiarity with a diverse set of regulatory frameworks for tokenization, has launched the first complete STO framework that will offer services covering the entire life cycle of a security token. These services will include digitization via BANKEX Digital Deal, solutions to meet both KYC and AML requirements within the token’s issuance, secondary market trading, and burning.
Over the next year, BANKEX will make use of a license that its Virtual Financial Assets Act service provider is submitting to the Malta Financial Services Authority. This license is granted only to exchanges that have strong Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in place.
But BANKEX acquiring a license to list security tokens in full accordance with Maltese legislation is only the first step. In conjunction with this initiative, BANKEX is also working towards getting licenses in Switzerland, South East Asia, the United States, and the Cayman Islands.
This announcement comes in the wake of other similar initiatives put in place over the last few months by popular crypto exchanges including Binance. However, none of the big market players can offer a turnkey STO framework supporting a security token throughout its full life cycle that includes the full suite of services described above. In addition, in order to ensure a token’s liquidity and mitigate risk, BANKEX offers the opportunity to securitize tokens by combining them. This functions in the same way that Brent Crude Oil Futures work.
This new platform enables not only the trade of BTC and ETH basic pairs, but is most of all designed for the further trade of real-world-asset-connected complex security tokens represented by standards such as ERC-1400, ST-20, and ERC-888. These tokens that will be supported by the new exchange will only be available to people who have gone through and been approved by KYC and AML procedures. The author of a token, i.e. the business or the developer that is responsible for the token offering, can create and monitor rules for both the KYC and AML procedures.
BANKEX Token Exchange will undergo a brief evaluation period over the next few weeks to ensure optimal operations for all customers. The platform will soon have Korean and Chinese interfaces.
The trading platform stores assets in BANKEX Custody Service. Keeping assets in the cold storage of Custody Service will ensure that assets won’t be stolen and will help prevent any business difficulties that could arise from insecure storage.
The BANKEX Custody Service database cannot be accessed or read by a human – everything is encrypted and handled within a machine environment. The server is removed from human interference and only BANKEX’s automated modules can access it. In addition, in Custody, to hack a wallet, one needs to hack a whole series of nested keys kept in a Hardware Security Module (HSM) within the Amazon cloud.
A New Exchange for Algotraders
BANKEX Token Exchange will allow high frequency trading (HFT), with up to 100 orders occurring in seconds, thus letting big algos spot trading opportunities. It will also permit the implementation of Application Programming Interfaces (API) that let users select their strategy, program their requirements, and execute broker plans.
Negotiations are currently underway with liquidity providers to make margin trading possible in BANKEX Token Exchange.