Binkd is developing a cryptocurrency exchange and brokerage, and also releasing its own currency to be used on the platform. The company aims to develop an exchange service that's faster, easier to use, and can support far more currencies than the most popular exchanges, such as Coinbase and Kraken.
The company is demonstrably more serious than many others in its industry; its team is being careful to follow “know your customer” regulations, and its whitepaper displays a rigorous commitment to security.
About Binkd BDEX
Binkd was founded by three men with over 50 years of combined experienced in software development. They have each worked for major companies, and for the last ten years the three have worked together at Votigo, a software company that serves many very prominent financial institutions including American Express and the World Bank.
The company has not yet received much coverage from prominent publications, but it is gaining a significant presence on social media, with over 1,000 followers on Twitter and 2,000 on Facebook. Searching the internet for Binkd reveals that several other services are already using the name, including an app for social media contests and a program to transfer files on the largely antiquated FidoNet system; this could lead to trademark issues, though it seems unlikely.
The Binkd Product
Binkd's primary product is a cryptocurrency exchange and brokerage, called the Binkd Decentralized Exchange (BDEX). Users will be able to trade a wide variety of cryptocurrencies, with the option to immediately invest or withdraw fiat currency.
The platform offers users flat transaction fees, whereas some other exchanges take a percentage of the amount traded. Binkd's exchange will be accessible through both a website and a mobile app. Mockups of the platform posted on the company's website show a very clean and intuitive interface.
All exchanges on Binkd's platform use the company's own currency, the BINK, as an intermediary, which it claims will speed up trades and improve security by recording all the transactions on its own internal blockchain. BINK tokens will also entitle their owners to discounts on the platform's transaction fees. The BINK is an ERC-20 compliant currency, meaning it can be stored in wallets designed for Ethereum and traded algorithmically using smart contracts.
Binkd has not announced a firm date for its token's ICO, but notes that it will be in the first quarter of 2018. The company is currently accepting applications to be whitelisted, verified in accordance with know your customer regulations; users must be whitelisted in order to participate in the ICO. This diligence in regulatory compliance is a sign of the company's seriousness; many nascent cryptocurrency ventures have struggled to achieve this level of legitimacy.
The Binkd Opportunity
Binkd is a promising venture; its exchange platform seems like it could become popular with both casual and avid cryptocurrency investors alike due to its attractive interface, scrupulous security measures, and wide variety of currency options.
However, the market for cryptocurrency exchanges is growing very crowded, and it could be difficult to win over users accustomed to and ensconced with other services. To win a significant market share, Binkd's platform must offer a genuine improvement over existing exchanges and brokerages.
The BINK is one of perhaps thousands of ERC-20 currencies integrated into a software platform. Since its value is tethered to the popularity of the product, it can offer investors a bit more stability than those fluctuating based on speculation alone. It's too early to tell whether the BINK will gain popularity as an investment, but it's certain that it will be noticed by far more cryptocurrency enthusiasts than many other ERC-20 currencies.
The Binkd BDEX ICO Verdict
Binkd is serious about developing a strong and flexible exchange service. The team behind the product has very impressive credentials in financial software, and their commitments to security and regulatory compliance are admirable. Early mockups show an attractive product, but it's not yet clear if it will be as powerful and user-friendly as it makes itself out to be.
Investors curious about the BINK token should observe the popularity of the exchange, and consider how significantly the token impacts trading on the platform.