Using blockchain technology, Bank Account Based Blockchain, or BABB, aims to empower people from all over the world by providing financial services that are accessible with smartphones. By bringing financial inclusion globally, including to those who are ignored by the current financial system, BABB aims to improve the quality of life and living standards for everyone.
To provide financial services complying with UK regulations to anyone in the world, BABB will simply require a valid ID document such as a passport or national ID card, or a reference from a user already verified. BABB also intends to allow those without documentation to use its platform using biometric technology.
As stated in the whitepaper, BABB intends to seamlessly integrate traditional banking with cryptocurrencies. BABB accounts will have an associated IBAN number for international bank wires, and will have an account number for UK transactions. By providing these features, BABB will allow users to transfer money to and from the platform, effectively bridging the gap between traditional finance and cryptocurrencies.
Also key to bringing financial inclusion globally, BABB will offer a mobile app that anyone with a smartphone can download and use. Using its mobile app, users can transfer money into and out of their accounts and conduct peer to peer transactions. Additionally, users can potentially earn an income with the app by issuing loans or exchanging currencies.
As part of its aim to integrate traditional finance with cryptocurrencies, BABB will offer a black card that can be used as a debit card to make real-world purchases. It will have the added functionality of using a QR or NFC code to link it to the cardmember’s BABB bank account. As the card gets used, funds are immediately taken from the cardmember’s linked bank account. The black card will be safer than traditional debit or credit cards because they will not store personally identifiable information and can easily be unliked to the cardmember’s account.
The native token of the BABB platform, BAX, will be used for paying fees and transactions on the platform and can be exchanged with other tokens and cryptocurrencies on major exchanges. A total of 50 billion BAX will be minted, a portion of which will be held as reserved to ensure the liquidity of the platform. Investors interested in participating in the upcoming crowdsale can sign up to be whitelisted on the BABB website.
Thus far, investors have greeted the project with enthusiasm, as shown by the project reaching its hard cap during the presale this month. Investors who have remained on the sidelines will thus have another chance at jumping into this fascinating project very soon.
*I am receiving BABB tokens for the growth of the community.
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