Bankex to launch Custody Service with No Minimum Deposit

Decentralized ‘Bank-as-a-Service’ platform Bankex has reported about the launch of a custodial service for digital assets, no minimum deposit is required
20 June 2018   2238

The funds kept in the service are fully covered against natural damage, virtual threats, and human mistakes. Deposits of four cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin) are accepted. Exchanging for storage, Bankex is to charge a commission of no more than 0.02% of the total volume of cryptocurrencies held. Fees can be paid with their corresponding cryptocurrency. It is also planned to eventually accept BKX, Bankex’s native token.

For making Crypto Custody more user-friendly, Bankex is aimed to implement client  service suggestions with a “human presence.” More specifically, users who are beginners in the crypto space will have access to concierge-style services to acclimate them to basic crypto protocols, but not without paying a percentage-based fee.

The service is set to operate resemble to the way that an offline safety-deposit box works: an agreement between the customer and Custody is made, the currency is deposited, and the user gains a commercially and legally viable depository receipt. Earlier this week, Fundstrat’s Tom Lee claimed Bloomberg that he hopes that a lack of appropriate institutional tools, like custodial services, is holding the cryptocurrency industry back.

While Bankex’s Crypto Custody definitely isn’t the only custodial tool out there, its lack of a minimum deposit might lower the barrier of entry. Smaller companies in turn with limited crypto capital or larger firms who may only store small holdings of cryptocurrency may finally have a service that suits their needs.

Binance to Add WeChat and Alipay Support

According to the anonymous sources of The Block, the feature is in the testing stage for Android users
10 October 2019   122

Binance Exchange will add support for the largest Chinese payment systems WeChat and Alipay.

Referring to informed sources, The Block reported that this option is currently being tested for Android users, and will soon become available for iOS and the desktop version of the trading platform.

Note that in China, the activities of cryptocurrency exchanges were officially banned at the end of 2017. However, residents of the country are actively using P2P and OTC platforms to buy bitcoin.