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December 1 2017

ICO Alert Report: Bankex

ICO Alert Report: Bankex

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ICO Alert Quick Facts

  1. Public infrastructure company decentralizing blockchain finance.
  2. 1 ETH = 500 BKX
  3. November 28, 2017 — December 28, 2017
  4. 80,000,000 total available / 400,000,000 total supply
  5. Listed as a Top 50 fintech startup in the world in 2017.

What is Bankex?

We provide the ability to take digitized assets and start earning on it: to rent, to raise funds for bail, to finish it and sell it. Before, packing the object was long in design and expensive. The tokenization of the asset allows you to quickly carry out transactions without intermediaries, as well as control the object in the period of the lease/construction with the help of IoT. On the other hand, if you are an investor, you have the opportunity to invest the amount that you have in the rental business and have a stable income, monitoring online investment object.
— The Bankex Team

Q&A with the Bankex Team

ICO Alert: How does the Bankex token (BKX) function within the platform and why is it needed?

Bankex: BKX is a utility token that is used in the Proof-of-Asset Protocol ecosystem for payment purposes in order to create Smart Assets of different classes. Smart Assets are created as a result of real assets tokenization. BKX Token supports Smart Asset turnover in the system. BKX token is also used as a remuneration to the Asset Community for product mining. BKX token is used as a remuneration to the Asset Community for the product mining. BANKEX ecosystem is blockchain agnostic. Smart Asset formulas will not only be implemented on other blockchains, but also on the BANKEX Assets Validity Blockchain.

ICO Alert: What are the backgrounds of the Bankex team and how does their experience relate to what Bankex is trying to accomplish?

Bankex: Let me start with the origin of our company name. We’re called BANKEX because our team mostly consist of ex-bankers and top managers of banks. We have a core team with experience in fintech-product development and blockchain platform solutions. We have offices in New York and Moscow and team members all over the world: in the U.S., Switzerland, Holland, Cyprus, and Singapore.

ICO Alert: What are some of the current liquidity challenges facing financial markets today and how does Bankex plan to solve them?

Bankex: To be short, it’s all about tokenization. Solving the issue of liquidity, tokenization of assets gains the greatest value under the following conditions:
1. Presence of a large number of asset owners or decentralized assets.
2. Standardized end-product, which would allow to isolate meta-information when creating the smart-asset. This is to allow trading assets to other assets.
3. The ability to use the token as a method of payment for end-product. This function not only allows investing into the construction of a building, and receiving return of investment and speculative gains from the asset. This token would also be able to be used as a method of payment for rent of space within the building.
4. The ability for the token to be used to own an asset by a large number of investors. This condition would allow the owner of a smart-asset to attract a lot of funds via placement on the BANKEX stock market. A classic example would be shared ownership of real estate, where every person only owns part of the real estate.
5. The ability to quickly and unambiguously measure characteristics that affect the quality or quantity of end products. This ability to perform regular audit of the asset significantly increases the quality of asset monitoring. It is a powerful competitive advantage compared to the Big Four and rating agencies. Annual evaluation by auditors is replaced with what is essentially a real-time audit.
6. The ability to withdraw the asset from ownership if the terms of the contract are not fulfilled. This means that outside of audit of the contract, we have the option, aside from tokenization with the escrow module, to withdraw the asset along with a certain value as a form of collateral if the terms are not being fulfilled.
7. Control of end-product sales.
8. Assets, the transfer of which requires large legal and accounting expenditures. Such assets would include second-tier equities or private equities a year or two prior to IPO. Enterprising shareholders create an interest in transactions involving this type of assets.
BANKEX solves the issues of asset liquidity by:
- Increased auditing of assets in real-time.
- Decreasing the price of evaluating an asset for a particular deal.
- Increasing the speed at which a deal is realized (selling/loaning/sharing). We give asset owners access to capital on a completely new technological level by tokenizing their assets.
Or, BANKEX enables new sources of capital for real assets with publicly auditable decentralized banking. Tokenization of assets allows you to enter the global market, increasing the chance of the asset being purchased. Our unique advantage stems from the legal mechanism embedded in the protocol — we make the asset traceable, allowing protection of investor interests, while direct sales have a far narrower reach and frequently a higher level of risk.

ICO Alert: The tokenization of assets is a major part of what Bankex is looking to accomplish. What are some of the asset classes you’re looking to target first and why?

Bankex: Target assets for tokenization are a class of assets with a summary capitalization exceeding $100 million USD, that generate or are able to generate cash flow.

ICO Alert: Can you walk us through a use case of how a physical brick and mortar product or company could be tokenized through the Bankex system? How soon could liquidity be achieved?

Bankex: We tokenize assets. We concentrate on tokenizing financial assets. In examples, we use not only fintech for better demonstration purposes. Though if there will be non fintech cases we will also consider it for tokenization.

ICO Alert: What steps has Bankex taken in regard to cyber security to ensure that the token sale concludes without any issues?

Bankex: We have a partnership with the global leader in preventing cyber crimes, Group IB. This cooperation is a guarantee of total certainty in all the stages of our token sale. You can look through this post on our blog about that.

ICO Information
The main ICO began on November 28, 2017 and will end on December 28, 2017. There are a total of 80,000,000 Bankex tokens (BKX) available during the main ICO, representing 20% of the total BKX supply. A hardcap of 220,000,000 BKX tokens is set for this period.

1 ETH = 500 BKX
Discount: 10% early bird bonus in main ICO

Token Distribution Information
There are a total 400,000,000 BKX being created, with 80,000,000 BKX available during main ICO.

Tokens will be distributed one week after the ICO is complete, after December 28, 2017. Visit the Bankex website for more information and the contribution address.

Allocation
35%: Reserved (institutional investors)
20%: ICO
12.5%: Team tokens
12.5%: Option pool
10%: Foundation
10%: Advisors

Use of ICO Proceeds
45%: R&D software development
15%: Non-organic growth
12%: Legal and licenses
10%: Reserve fund
10%: B2B marketing protocol promotion
8%: Fintech community (foundation)

Team
Igor Khmel, CEO
Linkedin
Igor has worked in management consulting at McKinsey & Deloitte and investment and trading at Citadel hedge fund. He is also the founder of the fintech lab at Sberbank, the largest Eastern European bank.

Den Khoruzhiy, CTO
Den has 10 years of experience as a technical director. He holds a PhD in physics and mathematics. Den also has experience in machine learning, and natural language processing.

Constantine Kurbatoff, Chief Strategy Officer
Linkedin
Constantine was CFO of APE corporation for six years. He has experience as a strategy consultant at CARANA corporation. Constantine holds a master’s degree in finance and an MS in mathematics and computer science.

Neil Benedict, Head of Business Development
Linkedin
Neil has a background in quantitative risk and institutional credit. He led leveraged finance deals ranging from $500,000 up to $2.4 billion. Neil holds an MS in analytics from the University of Chicago with focus on optimization and decision modeling.

Sergey Korolev, VP Software Development
Linkedin
Sergey is a pioneer of commercial software development in Eastern Europe. He has 30+ years of experience in IT. Sergey was the co-founder and CEO at Aport!, one of the first search engines. He holds a PhD in Mathematics.

Social Media
Telegram
Twitter
Facebook
BitcoinTalk
Reddit
GitHub

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View the Bankex website here.

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References
(1) Bankex Website, Bankex, (2017)
https://bankex.com/en/

(2) Bankex Whitepaper, Bankex, (2017)
https://bankex.com/en/whitepaper

Topics: Blockchain, ICO, Crypto, Cryptocurrency, Finance