Blockchain Firm Bankex Launches Telegram Token Exchange Technology To Disrupt Loyalty Payments

Blockchain, News | January 2, 2020 By:

Malta-based FinTech firm Bankex has launched a token exchange engine that’s natively built into Telegram messenger.

Founded in 2017, Bankex provides digital assets processing, as well as blockchain-based continuous securitization in real estate, money lending and media markets. The company’s mission is to connect regular people and small/medium business owners to capital markets.

In a press release, Bankex said that its new token exchange engine, called TEX (Telegram Token Exchange), displays and matches all trading orders for trades made with Bankex MainWallet, a messenger-first financial application for social commerce that is packaged as Telegram wallet-bot with connected App Store.

“The operating principle of TEX exchange is very simple and can be used with any modern messenger,” Bankex said. “You add a special bot @mainwalletbot to your current or new group chat as admin and then create a trade using the format command, for example: /trade 942 TRX for 0,1 ETH. This command creates an offer in a group chat and another member of the group can answer it. And here TEX starts to work – the trade offer is duplicated to the general channel of TEX exchange @mainwallettex which is available to all users of Telegrams and can match interesting deals. This system provides trading liquidity for tokens, with focus on loyalty points use case.”

If the users only want to make private exchanges, Bankex said they can release a special PayBot and make transactions within their community.

“Telegram Token Exchange takes commission from trades, the standard commission is now 0.25% for the maker and 0.25% for the taker,” Bankex said. “The most interesting thing is that the revenue is shared between the owner of PayBot and the administrator of the group in which the deal was created. This creates an opportunity for all ecosystem participants to make money, not just for the exchange as it is now in other markets.”