Bitex plans to be a locally embedded bank for cryptocurrencies. Bitex believes that traditional exchanges may not be full proof. It is further believed that traditional banks do not have the capacity in terms of infrastructure, expertise, time, money and space. Bitex plans to come over these shortcomings
“If commerce based on cryptocurrencies is to progress to the point of having these accepted as a proper medium of exchange for goods and services and take its place as a peer to fiat currencies, it is necessary to create new institutions that can cater for the needs that people have come to associate with financial transactions,” Bitex explained in its white paper. “These include the ability to store currency, the exchange between currencies as needed, use currencies for payment of goods and services, automate bill payments, take out loans, etc.”
Bitex native currency XBX can be used to access its services
Bitex is a hybrid between conventional banking and cryptocurrency exchanges. Two separate platforms will provide the services. They are Bitex Pay and EZBitex. BitexPay will be used to pay bills that are transferring.EZBitex using its own decentralized network will store cryptocurrencies.ERC20 protocol will be used in it. The EZBitex is a kind of universal exchange, where participants can exchange their cryptocurrencies for other cryptocurrencies or fiat money.
Bitex is all geared up to launch its services in mid-2018 in eight different countries-Hong Kong, India, Korea, Philippines,Singapore, Thailand and the United Arab Emirates. All the Bitex platform will operate locally
“Services will be operated by local partners that license the Bitex platform as a franchise, and who will register with the financial authorities in their respective countries,” Bitex stated. “By working with local partners, who have a much better understanding of local customers and regulators and making available localized applications and customer support, the Bitex crypto-banking platform becomes the most accessible crypto-banking solution on the market.”
The prime focus Of Bitex will be Asia and the Middle East
“All pointers, therefore, indicate that Asian and the Middle East are the regions most likely to need and welcome a robust crypto-based financial system, and where Bitext’s local impact will best be demonstrated,” the company stated. “Bitex will demonstrate the local impact it will have in each country where it is licensed, by offering a relevant localized financial service bundle, and redefining how financial services for this new cryptocurrency-based digital economy can be delivered.”
Digital money and conventional managing an account have been inconsistent with each other since the introduction of Bitcoin around 2008. Bitcoin was made as an approach to encode open trust straightforwardly into the blockchain, wiping out the requirement for a confided in an outsider. Be that as it may, the market starting at 2018 is inundated with open trades and a developing noise for greater government direction and enormous venture cash. The reason is straightforward: reception. While the advantages of being your own bank and ensuring your own particular monetary forms may engage the innovatively proficient, most by far of straightforward speculators would prefer not to stray too away from the customary banking system. Cryptographic forms of money are not a political explanation for them; they essentially need a sheltered place to store their cash and watch it develop.
Bitex expects to be this connection between the immense wholes of cash sitting in customary saving money accounts and the cryptographic money markets. While Bitext’s strategy for success may leave an awful taste in the mouths of crypto-idealists, basic financial specialists are probably going to locate a well-known flavor to Bitext’s putting forth. The organization’s choice to grow principally in Asia and the Middle East likewise looks good for it as a digital money for creating and developing markets.