BANKEX Custody Service Launches As A Personal Cryptocurrency Storage Vault
BANKEX recently launched a Custody Service, which is a blockchain powered crypto storage solution without a minimum deposit limit. BANKEX custody will offer total protection from the three main issues with crypto storage. These are human factor, physical damage, and online hackers.
About The Crypto Vault
Currently, the service stores Bitcoin Cash, Bitcoin, Litecoin, and Ethereum and can only be accessed by invitation only. In future, the service aims to be the most trusted and convenient crypto storage solution.
The promise of security is among the essential features of crypto. The fear of compromising security is one of the major barriers to acceptance of crypto. Besides that, crypto holders have had to exercise caution.
Digital assets do not have any of the physical attributes to which we are accustomed. There are no cards, banknotes, or customer service lines. Users that have unresolved questions and crypto-related issues usually find themselves alone. This usually hinders the integration of crypto into ordinary life.
Storage That Covers Crypto Risks
BANKEX Custody will offer services for the management of identity and safekeeping of digital assets. There is no minimum deposit needed to take advantage of customer services or the security benefits. The human factor risk such as forgetting passwords and the risk of physical damage to the storage media and online hacking are resolved for the users.
Besides that, Custody will offer customer service that is similar to the offline concierge service. This will include convenient access to accounts with the help of emails and passwords. Besides that, transaction assistance will be offered. Custody offers a password recovery and an option to set up a backup system.
In short, BANKEX Custody is an online vault that stores digital assets. BANKEX will gather the best and brightest blockchain security experts to ensure that the security standards are second to none.
The vault currently accepts ETH, LTC, BCH, and BTC for storage. It expects to add BKX the utility token for BANKEX for payment and storage in future. The storage solution is planned to be operational by the time of the public release.
Shedding Light On Crypto Security
The crypto in your wallet is inaccessible without a private key. The chances that you might lose it are low. However, it still happens. Once that happens, the chance that you will recover the coin is impossible. The system is so secure that without the private key, you have no access to the coins.
A likely scenario is where a user only accesses their crypto assets via an app on their phone with no backup. If the mobile device is lost or stolen, the wallet and the crypto in it are also gone. This is also true with software, which stores the data on a desktop. Without a backup, the risk of loss or a mistaken keystroke is always there.
Thus far, over $1.2 billion in Bitcoin and ETH has been stolen from wallets and exchanges by hackers. The BANKEX Custody service will safeguard crypto assets with high levels of security, which is not offered by wallets and exchanges.