Lance Parker on fundraising
From Lance Parker: My Background & Getting To Where We Are Now · · BankX
“We raised one million dollars in 2018 to progress further with the technology, and with an additional 10 million dollars, we could deploy an alpha version within 12 months showing secure storage and transmission of cryptocurrency wallets.”
On , Lance Parker, President, Chief Executive Officer & Director at ALEXANDER & BALDWIN INC, spoke about fundraising during Lance Parker: My Background & Getting To Where We Are Now on BankX.
About Lance Parker
Lance Parker, president and CEO of Alexander Baldwin, discussed his background and the development of Bankex in a September 2022 video. He described studying at Embry-Riddle Aeronautical University and George Mason University, and operating a vending machine company during college. Parker stated that he purchased the Bankex domain in 2017 to create a mechanism for corporate treasuries and high-net-worth individuals to back commodity trades using the Paxos USD stablecoin. He said that after the cryptocurrency market crash and the pandemic shutdown, he decided to create a fully decentralized stablecoin integrated with Bankex. Parker outlined technology that encodes geometric shapes onto radio waves, which he said creates a near-infinite number of symbols and makes data more difficult for hackers to decipher than traditional binary code. He stated that one patent was used to send transaction data from bank ATMs over a secure cell phone network that was never hacked and was licensed to multiple institutions. Parker said the company plans to deploy its private network via satellites, citing Bank Rakyat in Indonesia as an example of a bank using satellite technology for digital banking. He added that with $10 million in additional funding, an alpha version of the system could be deployed within 12 months.