Bitex will launch in mid-2018 with a subset of banking services offered to customers in 8 countries (Hong Kong, India, Japan, Korea, Philippines, Singapore, Thailand and the United Arab Emirates), with plans for expanding its reach in the future. 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. 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.
A payment infrastructure based on ATMs and mobile card readers is being developed for the Bitex platform that will be installed in over 20,000 locations throughout the world as the services are rolled out. Bitex will also offer APIs to its platform that will allow 3rd party developers to create useful, country-specific features and applications. Bitex is conducting an Initial Coin Offering of its utility token, the Bitex Coin with symbol XBX, to promote the use of the Bitex crypto-banking platform. As described in this White Paper, XBX will be used for access to the services offered by the Bitex platform. After the ICO, the token will be available for purchase from other XBX token holders at Bitex’s exchange as well as other well-known crypto exchanges.
The token to be used by the Bitex crypto-bank is called Bitex Coin, with the symbol XBX. It will conform to the ERC-20 token standard to permit integration with existing wallet and exchange software. The ERC-20 token standard was chosen instead of the more exotic ERC-223 for the following reasons:
● The ERC-20 is well accepted and recognized standard across any existing wallet and is compatible with etherscan explorer, which most popular tool to browse token and smart contracts.
● Our ERC-20 integration is using the safeMath library12, ensuring the strongest security possible, thus avoiding the latest attack13 discovered recently.
● The ERC20 standard is validated by the Ethereum team14 while Vitalik Buterin (Ethereum creator) was not supporting the ERC23 standard15. The Bitex Coin is a utility token that will be used by participants of the Bitex crypto banking platform to pay for service provided by Bitex. XBX can be counted in denominations with up to 18 decimal places.