BITEX - The First Locally-Embedded Global, Crypto-Bank

About BiteX

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.

What’s bitex?

Presently,the desire to have affordable financial economic offerings for the cryptocurrency economy turning into a reality.

Bitex will offer hyper-localized crypto-banking services on it global platform to promote efficient and effective growth throughout the globe, focusing in most cases on Asia. Differ in their banking options - a localized approach lets in more focused and calculated selection-making.

We take the sociable attributes that banks provide, which include community partnerships and constructing a neighborhood presence, and combine them with the blessings and performance that a decentralized blockchain offers.

Initial franchise holders of the Bitex Platform

By working with local partners, who have a much better understanding of local customers, partners, and regulators, and making available localized applications and customer support, the Bitex crypto-banking platform becomes more accessible and is a major differentiator compared to similar efforts.

The EZBitex platform will be deployed in several globally dispersed data warehouses for redundancy. The infrastructure will be secured with a military-grade security solution implemented by a well-known security firm that wishes to remain unnamed (to thwart hackers who may know ways to circumvent some of its threat mitigation techniques).

SUPPORT FOR THIRD PARTIES

Third parties, such as large merchants, can issue their own debit or charge cards (physical and/or virtual), for payments at their online or offline stores. Such cards, as shown in Figure 6, will be marked as “Powered by Bitex”, as the EZBitex platform will be used as the payment network.

Such parties can create their own wallets and the EZBitex payment platform will host the Payment Wallets for the corresponding consumer accounts. Payments for purchases made with such cards will be deducted from the consumers’ wallets on the EZBitex platform.

All transactions on the EXBitex platform will require payment of fees in XBX tokens. Bitex will provide a physical card reader to merchants that allow them to read all cards that are “Powered by Bitex”.

Token info
Token - XBX
Platform - Ethereum
Type - ERC20

PreICO price - 1 XBX = 0.5 USD
Price in ICO - 1 XBX = 1 USD

Pre-ICO

Pre-ICO Sale for 3 weeks - 0.5$

ICO

ICO 1st week - 0.7$
ICO 2nd week - 0.8$
ICO 3rd week - 0.9$
ICO 4th week and beyond - 1.0$
Tokens for sale - 210,000,000

Investment - info
Min. investment -0.1 ETH
Accepting -ETH, BTC, fiat
Distributed in ICO -70%
Soft cap -1,000,000 XBX

Roadmap

Q2/17
Bitex Business project structure constructed.

Q3/17
Company Registration Bitex Global Co., Ltd.;
Company registration and beginning of development work on:
Holding Wallet;
XBX Token (ERC-20 Protocol);
Trading Wallet and EZBitex platform;
Mobile App (Android and iOS);
BitexPay and "Powered By Bitex" software kit.

Q2/18
Beta test and launch

EZBitex Platform V 1.0 with Trading wallet, Payment wallet and the Holding Wallet;
Mobile App EZBitex;
Upgrade of security structure and support center.

Company Registration Bitex Global Singapore Co., Pte. ;
Company Registration Bitex Global Thailand Co., Ltd. ;
Registration Process of Bitex Global U.A.E Co., Ltd. ;
Registration Process of Bitex Global India Co., Ltd. ;
Registration Process of Bitex Global Philippines Co., Ltd.;
Registration Process of Bitex Hong Kong Co., Ltd.

Q3/18
EZBitex Platform V 2.0 with BitexPay and Powered By Bitex & Savings Wallet;
Bitex B2B and B2C payment platform and BitexPay Merchant App with GPS locator and BitexPay Merchant App Kiosk.

Registration Process of Bitex Global Japan Co., Ltd.;
KRRegistration Process of Bitex Global South Korea Co., Ltd.

Q4/18
EZBitex Platform V 3.0 with Loan Wallet.

BitexPay Module and POS;
BitexPay API key develop and bug testing;
"Powered By Bitex" card;
BitexPay API key Release for corporate payments.

Q1/19
EZBitex Platform V 4.0 - API based Card and its integration for POS (via Bitex API).

Q2/19
BitexPay Escrow Account V 5.0 - Payment Gateway implementation.

Team