On Thursday, Malta-based fintech BANKEX announced it has launched its own security token trading platform, BANKEX Token Exchange. According to the company, this new platform enables not only the trade of basic pairs of utility tokens but also the trade of complex security tokens connected to real-world assets. While sharing more details about the platform, BANKEX stated:
“BANKEX Token Exchange will serve as a secondary market for security tokens and will support ERC-1400 and ST-20 token standards as well as ERC-888 security tokens from BANKEX that incorporate KYC verification methods. The trading platform stores crypto in BANKEX Custody Service, an eminently secure cold storage depository.”
BANKEX reported that over the next year it will make use of a license that its Virtual Financial Assets Act service provider is submitting to the Malta Financial Services Authority. This license is granted only to exchanges that have strong Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in place. The company also revealed:
“BANKEX acquiring a license to list security tokens in full accordance with Maltese legislation is only the first step. In conjunction with this initiative, BANKEX is also working towards getting licenses in Switzerland, South East Asia, the United States, and the Cayman Islands.”
Founded in 2015, BANKEX reported it has developed a crowdsource proof-of-asset protocol of liquidity and an ecosystem built around it. The protocol facilitates digitalization, tokenization, and exchange of real assets.
“Our mission is to add liquidity to assets that have an underrated value due to the way that classic financial markets currently operate.”