BABB (BAX) is a FinTech platform based in London, United Kingdom, founded in 2018.
Everything About BABB (BAX)
The platform is an FCA-registered organization that aims to provide financial services to people who are not affiliated with banks globally. The company’s mission is to provide financial services, crypto wallets, and debit cards to users around the world. The platform does all this using blockchain, AI, and other technologies and aims to become a fully decentralized banking platform.
Problem
The platform was inspired by the failure of traditional banks to serve the microeconomy. The traditional banking system operates in an outdated way and cannot keep up with the current world of technology.
Currently, around 1.7 billion people today do not have any bank account. The traditional banking system ignores almost a third of the world. This means that startups from many different technologies, especially blockchain technology, are limited.
Solution
Based on these problems, BABB has created a fully decentralized application where all users can manage their crypto, fiat, and stablecoins. The company’s goal is to redesign the economy and build a completely decentralized ecosystem, far from a rigid and exclusionary traditional banking system. For this, it combines blockchain, AI, and biometrics technologies. The platform wants to create a global microeconomic revolution.
BABB Mobile App
The app was created to make financial services accessible to users all over the world. Users can download the app very effortlessly from the Google Play Store or App Store. No KYC verification or identification is required for registration on the app. Users can access many of the services available in traditional banking, as well as smart contract transfers and peer-to-peer transactions.
Application Features
Users can easily access and use the app. In addition, users can make internal transfers entirely free of charge, while external transfers can be made at the lowest cost. The app currently has support for more than 60 countries, more than 100 thousand users, and 42 thousand verified users. Other highlights of the app are as follows:
- Trusted Banks: Users’ funds are stored in the world’s leading financial institutions. They are also inaccessible to third parties and entirely under the users’ control.
- FCA Registered: The platform is regulated by financial regulators from around the world and is FCA registered.
- Secure Transactions: Users have to go through 2-factor verification when accessing their accounts. This maximizes user safety and security by limiting access by other parties.
- Data Protection: Provides complete transparency about user data. No personal data is stored, processed, or shared with third-party organizations.
The features listed above are accessible to all users who download the BABB application. The app is also completely free to download and use.
Currency X
Currency X is a stablecoin package that allows the platform to enable users to transfer currencies for very low fees. Stablecoins are secured by pegging Currency X to the respective Fiat currencies. Users can send and withdraw money to and from Fiat currencies for free.
Currency X also makes peer-to-peer transactions completely free of charge. Very low transaction fees are charged for external transactions.
BAX Token
BAX token is an ERC-20-based cryptocurrency that will be at the heart of the BABB ecosystem. The token, which has a very significant place in the platform and the ecosystem, was created to facilitate the functioning of the platform.
The BAX token makes user transactions unlimited and enables control of assets. In addition, the token is used in the platform’s transfer fees. The token simplifies complex and expensive bank transactions. Entirely free transfers can be made anywhere in the world without the need for currency conversion.
Roadmap
Launched in 2018 to make financial services accessible to everyone, BABB’s future goals are as follows:
- Launch the Hybrid Money Accounts & Debit cards
- Add CurrencyX trading pairs
- Raise Series A equity
- Introduce BABB’s own Mainnet project
- List BAX in more exchanges (Tentative)
The platform is developing day by day and advancing step by step toward its goals.
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