Bank-as-a-Service and blockchain company BANKEX has announced the launch of its new service, Crypto Custody, a cryptocurrency depository. The highlight of Crypto Custody is that any investor will be able to store his cryptocurrencies without having to worry about meeting a minimum deposit.
In the traditional banking sector, most bank account types require a minimum deposit and minimum average daily balance. This makes certain account types inaccessible to the average person. However, one can think of Crypto Custody as a safety deposit box – one which does not require a certain amount to be stored.
At the moment, Crypto Custody will store four kinds of cryptocurrency: BTC (Bitcoin), BCH (Bitcoin Cash), ETH (Ethereum) and LTE (Litecoin). In the future, BKX, BANKEX’s own coin, will be accepted by the platform as well.
In exchange for the storage service, Custody will be charging customers up to 0.02 per cent of the total volume of cryptocurrencies stored. This fee will be payable in the form of the cryptocurrencies stored.
Crypto Custody offers investors a secure way to store their cryptocurrencies. According to Bitcoinist, to use the service:
“…a bank or fund simply makes an agreement for storage of cryptocurrency assets with Custody and upon registration, all keys to cryptocurrency wallets are stored in the depository. The client receives a regular depository receipt for the stored cryptocurrency assets, a commercial and legally viable document that can be placed on any balance as a regular asset.”