When Mark Frauenfelder published an article in WIRED in late 2017, relaying the tale of how his house cleaner threw away the passcode and recovery key to his ‘Trezor’ bitcoin wallet, it gathered unforeseen traction amongst the crypto-community.
Bitcoin was beginning to gather momentum, people who had bought for less than $500 were now seeing the token creep towards the $5,000 mark. These same people, who had barely considered their wealth of virtual currency in the previous 10-months of the year, were now scrambling around frantically to remember where they had stored the password to their crypto-wallets. Some, perhaps even most, had been prepared enough that this was not a problem. Others were foolish, keeping a single copy on their laptop or tablet, only to be dealt a sickening blow to the stomach when they realised this particular piece of hardware had been stolen or dropped in the bath earlier that year. And then, of course, there were the Mark Frauenfelders; those who should have been more careful, yet still elicited sympathy.
Regardless of the scenario, we all know someone who has lost assets to the unforgiving rigidity of cyber security or self-proclaimed “bulletproof” hardware. As Frauenfelder noted, “If I’d lost my debit card PIN, I could contact my bank and I’d eventually regain access to my funds. Bitcoin is different. No one owns the bitcoin transaction network. Instead, thousands of computers around the world run software that validates the system’s transactions”.
The team at Baanx understand this ‘pain’ and it is this which inspired them to create the most foolproof and secure exchange wallet on the market. The team at Baanx have delivered banking applications to 90+ global banks and provided security to some of the biggest fintech platforms around. For instance, COO Sean Salloux has built software for the London stock exchange, Union Bank of Switzerland and Mastercard. Along with their enthusiasm and engagement with blockchain projects, this fintech experience has allowed the the team at Baanx to navigate past the security/accessibility conundrums of early crypto-wallet utilisation. Thus creating the safest software wallet in the cryptoverse.
The problem was evident but the solution was not. Baanx proposed a solution; to create an exchange wallet which allows the user to hold Cryptocurrency hassle free, without fear of loss or theft. Exploiting decades of fintech experience and an abundance of complimentary skill-sets, Baanx designed the first insured Crypto Wallet, enabling total protection for users and guaranteeing a users full balance.
Cryptocurrency Secure Custody avoids the need for hard to remember and complicated private key access problems. The Baanx app, wallet and exchange keep it simple and keep it safe. Using KYC Baanx can get you back into your account if you lose access, simultaneously allowing institutional buyers to hold crypto positions securely. Furthermore, the platform offers Insured crypto-balance; just like traditional banks using Fiat currencies, you are covered against theft, hacking and non-fault events — peace of mind in the Blockchain Era is now here for the first time.
When Mark Frauenfelder commented in his October 2017 blog that, “this decentralized nature of the bitcoin network is not without consequences — the main one being that if you screw up, it’s your own damn problem” it was accurate, funny and dangerously perspicacious. In retrospect, 9 months on, we can consider Frauenfelder’s comments to recognise the extent of the revolutionary developments in cryptosecurity which the Baanx team have created.
With the Baanx wallet, secure integration and mobile app encryption links to both public and private cryptocurrency blockchains. This serves to ensure Baanx provide the most secure mobile wallet in the marketplace.
More than being safe, the Baanx wallet provides a clear and easy to use mobile application, with full integration into crypto-Pay and exchange functionality. Simple, clear balance information and easy send/receive elements are also available, making cryptocurrency safe for the first time thanks to the Baanx security experts and guarantees.
The world’s safest cryptocurrency wallet also offers the world’s 1st cryptocurrency insurance (up to $100,000), so you know your crypto is protected with non-fault loss through superb security, encryption, custody and Baanx cold storage.
As the world moves towards the inevitability of a crypto future, it is reassuring to know that innovators like Baanx are solving problems and addressing the ‘pain’ which users will feel during the transition period. Baanx is a bank for the future creating financial services for the future, challenging old rules to keep the crypto-sphere on its toes.
VISIT BAANX.com for further developments, details and for Token Sale