What Is Bank Future Exchange?
BFEX or Bank Future Exchange is a P2P company that provides decentralized lending services to its clients and allows people to get loans by using their social credit scores. The company’s mission is to provide financial access to people who generally struggle to have it.
By using the blockchain technology and big data, along with a Decentralized Social Trusted Credit Score (DSTCS), the company intends to create a platform that will be useful for the people who are interested in lending or getting money.
Bank Future Exchange Lending, Banking, Credit Scoring Features
The company has created a mix between a hybrid score system on blockchain with the platform that works as the DSTCS stated before. It analyzes both social network behaviour and certificates official documents to give someone credit or not. The credit system is 100% decentralized and it can be tweaked by the user.
BFEX also uses a full Know Your Customer system that works for both sides. If you are interested in using the platform, you also have this option. All the transactions are 100% decentralized and you can turn your social network into credit score by adding real information about you.
Bank Future Exchange Wallet
BPAY is a seamless wallet created by the company for you to store your BFEX tokens. The money that you spend by using this wallet might also influence positively on your credit score. You can only use the wallet to store the crypto of the company, unfortunately, not any other type.
Something very interesting is that you can pay your bills using the BPAY wallet and you will be able to receive 1-5% of your money back at the end of the month. The percentage depends on undisclosed factors.
Bank Future Exchange Lending Platform
The Lending Platform is where the users can meet to discuss credit and lend money. Points like the loan conditions and payment rates can be discussed via the platform. At the moment, you cannot access the platform yet, but it will be available on the App Store and Google Play in the future.
Anyone can use the platform and try to increase its own credit rates. All the transactions are made via smart contracts, so you will be secure if you choose to use BFEX. You can decide your own interest rates and look for people who are willing to pay them on the platform.
Who Is Behind Bank Future Exchange?
The company was created by three co-founders: Daniel Jaeger, which has more than 10 years of experience with complex financial and lending systems; Joseph Swartz, which also has over 10 years of experience; and Sam Roberts, which acts as the CTO and is a seasoned IT executive and strategist.
The main advisors of BFEX are Wilson Thong (finances), Huan Johnson Koh (IT), Shankar Biswas (business), Kaushuk Bhaduri (technical), Nilanjan Benerjee (technical) and Irin Chunsuntorn (international business).
Bank Future Exchange BFEX Token ICO Details
We did not find much information about the BFEX tokens sale. The company states that the pre-sale will be happening from April 16 to May 30s, so it seems like it is already happening and that the main ICO will happen on June 1 to July 31.
BFEX did not disclose the price of the BFEX tokens that will be sold during the ICO at the time of this report.
Bank Future Exchange Conclusion
This is another lending company. Yes, one more of them. How much space there is for lending companies in the world? We are not sure, but we believe that this market is hugely overcrowded at the moment, which is a shame because BFEX looks like a decent company.
Because of the current state of this market, which has way more companies that it can ever sustain, we just ask you to be careful with BFEX, though, so think twice before investing.