Banking and blockchain have been around since the invention of bitcoin – but these days, cryptocurrency financial services are integrating cryptocurrency options into regulated and traditional financial services.
Despite the pronouncements of dire endings, fraudulent pyramid schemes and bubbles, not to mention still occurring efforts to ban crypto purchases directly and altogether , the banking community is finally embracing blockchain. They have no choice. In fact, the biggest banks are starting to band together to experiment with blockchain projects – including clearance coins and protocols. Just recently, Barclays, CIBC, Credit Suisse, HSBC, MUFG and State Street joined BNY Mellon, Deutsche Bank and Santander in the backing of the so-called Utility Settlement Coin.
Japan’s biggest bank, Mitsubishi UFJ Financial Group Inc. is even releasing its own cryptocurrency in March.
The reason the big boys of banking are now focussing on the technology so directly is that they also have to. And because of the relentless competition posed by smaller start-ups with the same idea, and a faster execution model.
It is evolve or die time. With the advent of blockchain, it is not at all clear that there will be entities called “banks” in the next decade. Or if there are, they will look and act very differently than they do today.
Midex is a blockchain-enabled financial platform intended to mainstream cryptocurrency into the real world, and in the process, become a new kind of financial services if not life enabling service.
The driver behind the founder’s passion? Blockchain-based cryptocurrency – and even more fundamentally, decentralization – has the potential to connect and empower people. That said, this is still a bit of a simplistic description. The company’s instruments and services provide unique solutions because they are enabled by blockchain. As a result, the services the company will be able to offer at a time when cryptocurrencies and more traditional finance are clearly merging will be in part familiar but also have no current analogs in the current world of “finance” if not “payment.”
The idea of bridging traditional and cyberbanking is an inevitable one. And Midex has created services that are not only specifically tailored for this environment but are also in compliance with regulatory requirements of traditional banking.
The company’s planned range of offerings includes an easy and safe way of executing payment transactions in both crypto and fiat currency. The platform offers safe storage of cryptocurrency assets on a common platform, with the capability of utilizing a simple exchange for fiat conversions. The Midex solution will also offer loans and a professional section for traders and investors. It will even offer payment credit cards and a network of ATM cryptomats.
Finally, Midex offers the ability to integrate third-party service provision links to connect other sites.
Best of all? The platform is already in existence, with a licensed exchange, approved by both Swiss bankers and lawyers.
Products and services are provided via a common web interface to a single site, however, all Midex tools and products operate independently of each other. The architecture of the service allows expandable fault tolerance during peak use and times of maximum loads.
The solutions offered by the platform are suitable for many different kinds of user groups including:
Private clients: Individuals will have the ability to use cryptocurrencies in every-day life for purchasing and selling goods and services. No more scattered coins or wallets. No more division between crypto and fiat currency. With Midex, user’s financial needs are consolidated in one place, in an easy-to-use mobile application.
Business clients: In addition to traditional banking services, Midex acts as an intermediary and guarantor in contractual relations between business entities. Even (and especially) when the method of payment is cryptocurrency. One of the most basic, constraining problems of mainstream cryptocurrency adoption is a way to ensure quick settlement tools that are also compliant with national regulations. Internationally. The Midex solution is a killer app for that problem.
Traders: Cryptocurrency trading is attractive for traders thanks to its high volatility and overall market cap growth. Midex has trading services for this community that will make this process much safer and more transparent, not to mention kept in compliance with the regulatory mandate.
Investors: Those who are buying cryptocurrencies right now have a means of longer-term storage of their assets and accumulation of capital funds. The Midex platform creates tools for safe execution of transactions via a common platform.
Midex is implemented through a multi-country company group to ensure international compliance. Currently, the company complies with regulations in Estonia, Hong Kong, Singapore, Switzerland, Great Britain, the USA and Japan. Midex is also preparing to offer services that are in compliance with European anti-money laundering laws and meet the requirements of KYC (know your client) regulations.
The different elements of the platform are set up as follows:
- The Midex Cryptocurrency Exchange is incorporated in Estonia with an AML license.
- Midex Payment solutions associated with fiat currencies are implemented through a British company with an authorized payment institution license. The issuer of plastic cards will be implemented by the Estonian affiliate.
- Solutions for the Asian market will be implemented via a cryptocurrency licensed affiliate in Japan.
- The company will also segregate cryptocurrency and fiat operating assets through an international company group which will be able to address differing regulation with regards to cryptocurrency on a country-by-country basis.
- The company will also keep tax accounts that will include their cryptocurrency assets.
Due to existing limitations of cryptocurrency regulation today, the Midex company token sale will be held in a foreign jurisdiction where the regulation is tolerant to cryptocurrency. Once gathered, the funds from the token sale will be transferred via the project exchange in Estonia.
Tokens can be used as an access privilege or as an investment.
Token name: MDX
Token base: ERC-20
Token supply: 75,000,000 MDX
Token price: 1 MDX = 0.00112 ETH