What is BAANX project?

What is BAANX project?
Baanx is a platform that will allow qualified users to establish their own cryptobank – bank for cryptocurrencies – without the onerous licensing and large investment needed for traditional banking. The company is also issuing its own cryptocurrency, the BXX token, which will be used internally within the platform and will entitle owners to vote on some of the company's internal decisions.

Baanx’s mission is to operate as the “Amazon of Blockchain Financial Services” and is disrupting the Traditional Bank sector with a Decentralised Bank Ownership ethos designed to drive Blockchain and Cryptocurrency into everyday use across the world.

Baanx is the World’s 1st Decentralised Cryptobank & Crypto-Financial Services Network in a potential market of over $10 trillion. Baanx has huge growth on the cards as 100 new Network Brands are planned to be released over the next 14 months, all powered by BAANX BXX and complete with automated back-office and innovative AI functionality.

Baanx New Product Lines bring their goals to life and are just the beginning. They include Highly Secure Wallets with $10,000 “Wallet Insurance”, so you know your Crypto is guaranteed secure. “Price Lock” so you can lock the fiat value equivalent of your Cryptocurrencies for a set time without having to sell. Super-Fast Crypto-Exchange with Bespoke Mobile Crypto-Payment Virtual & Physical Cards so you can use Cryptocurrency and/or Fiat Currency to pay for things in Shops and Online easily whenever you want.

With less than 200 active Exchanges in the World trading $30 Billion a day, and many $Billions wanting to be used for normal Payments the scope for Baanx is massive. We will also be listing our BAANX BXX Token fast on our own Exchange, as well as 2 others very quickly.

Baanx CEO, Garth Howat states “The Fastest Way to Challenge Traditional Banks dominance and deliver real change is to allow new Crypto-Financial Services Brands to be released fast, all sharing licenses and products to get started quickly and engage their trusted customer base to drive Blockchain & Cryptocurrency use into the everyday. We do this through an “Open Access, Open Ownership, Open Source” mentality and grow an ethical, decentralised ownership structure in the Cryptocurrency sector”

Why choose Baanx?
Baanx Group subsidiaries have access to necessary financial licenses, we are launching a superb MVP / Proof of Concept within the next 3 months and have an exceptionally experienced Team with over 100+ years of banking and Fintech experience at some of the worlds leading institutions. We know the pain, and we welcome the opportunity to do it better. Based in London and the UK the Baanx Senior Management Team and Investors have a worldwide network of technical experts who can actually deliver the secure product roadmap we have set out within the funding we are asking for. Baanx.com owned brands are Financial Conduct Authority licensed in the UK & will use an E-money license in the EU. Through our expansion using Equity funding and ICO funding we are growing across the spectrum of Cryptobank functions across the EU, Asia and later the US. To expand the network and customer base fast we shall share our bank licenses amongst Crypto-Financial Services market entrants within a rule-based and highly compliant system utilising smart contracts. We will create efficiencies and savings for our new partners through the automation of core processes, and by applying AI for key operational tasks and customer contact (where possible). We will hugely expand the use and demand for BAANX BXX utility tokens for powering products used by an ever increasing number of customers and Fintechs launching products on our Baanx OpenAPI©.

Mobile Wallet
One of the world’s most secure Cryptocurrency wallets in the

world with the world’s 1st Cryptocurrency insurance, so you

know your Crypto is protected with non-fault loss through

superb security, encryption, custody and Baanx cold storage.

ȃ Fast exchange access to 3rd party exchanges for best prices

Integrating into Exchanges to give customers the best prices.

Built on cutting-edge, global stock exchange technology that

is hugely expensive - yet offers us the opportunity to enable

our customers' access to major world exchanges.

OTC
With connections to multiple Exchanges and our personal

OTC contacts, clients can trade, liquidate, and buy crypto in

large quantities ($1m minimum)

Crypto-Pay
We handle the crypto to Fiat conversion and risk so you

can pay with crypto in real time, at over 45 million POS

locations worldwide- anywhere major credit and debit cards

are accepted. Baanx technology and partners enable even

Bitcoin to be used in this manner.

Crypto-Credit Card & Lending
Baanx will expand from our consumer lending roots to

additional markets and ultimately use fractional reserve

banking to deliver secured and non-secured lending as

well as P2P lending. Some of these multiple ‘new’ products

will be via Fintech partners on our platform.

Baanx OpenAPI© creats a Fintech App marketplace
Baanx OpenAPI© allows external developers to access

Baanx Customers. This will make Baanx the destination to

access a hugely innovative app marketplace and a wide

variety of products and services. Traditional brands and

communities (Air mile/Loyalty programs, Games,

Educational Institutions, etc.) will be able to launch, their

own Cryptobanks, all using the limited supply of Baanx

Tokens and access key products that suit their specific

customers and users.

How BAANX Smart Blockchain CryptoBank Network Coin Works?
Baanx's product is a platform that will allow companies to create their own cryptocurrency bank with relative ease. Depending on the services they're able to provide, companies can create their own banking app to market as they wish. The company aims to offer software to support a wide variety of banking services, including lending, savings, investments, and even debit cards that can be used in brick-and-mortar establishments. The platform will also feature support for cryptocurrency services like wallets and exchanges, and even an API for third party developers.

Baanx aims to lower the barriers of entry for startup banks; their whitepaper notes that internationally, banking is traditionally controlled by a very small number of people and companies, and national laws require initial investments of millions of dollars to legally operate as a bank.

Baanx's plan is to secure these licenses itself and allow startups to operate through them; it requires prospective companies to undergo thorough identity verification in compliance with anti-money laundering laws, and satisfies licensing requirements through a shared smart contract. The company ultimately hopes to use this innovative model become a powerful advocate for decentralized banking.

Baanx will offer three levels of access to its platform: free basic access for smaller businesses and charities, a more involved setup to support more complex services, and outsourced access to cryptobanks that operate outside the platform but use some of its services.

The company is still far from releasing its product: it will begin accepting user applications by the end of 2018, and release an initial version of its platform in 2019. A license to operate in the United States is even further away; the company's roadmap notes that this will likely not happen until 2020.

BAANX's Team:
Baanx's team has several decades of experience in the financial tech industry, including software developers who have worked with major credit card companies. The company has received coverage from many online publications devoted to cryptocurrencies, but it has not yet gained a large following on social media aside from its very active Telegram page.

BAANX ICO Details
Baanx's pre-ICO sale will begin on March 14th, 2018, with its full ICO beginning on April 8th. Pre-ICO customers will receive a 25% discount, but they must register in advance, and these customers will be kept to a 10,000 Euro limit during the first 48 hours. The company is hoping to sell 200 million BXX tokens during the pre-sale, and 500 million more during the ICO; it is ultimately hoping to raise 62.5 million Euros by the end of the ICO in order to secure banking licenses in its targeted jurisdictions. The company says it will accept a variety of both fiat and cryptocurrencies during its ICO.

The BXX token will be intrinsically important to Baanx's platform: all transactions within the platform will use BXX tokens as an intermediary. Thus, the popularity of the platform will directly influence the value of the currency.

Token owners who own over 20,000 BXX will be entitled to receive their share of 20% of the company's profits; the company does not mention how often these payouts occur. Owners will also have the right to vote on some of the company's decision making, including bylaws about requirements to operate a cryptobank.

In addition to its ICO, Baanx mentions in its whitepaper that it is planning a more traditional IPO in 2019 or 2020. The company hopes to be traded on the London Stock Exchange and secure even more funding to further pursue its goal of becoming the world's premier cryptobanking platform.

You can visit the following:

Website - https://baanx.com/

Whitepaper - https://images.fxempire.com/ico/whitepaper/baanx-whitepaper.pdf

Twitter - https://twitter.com/baanxcom

Facebook -https://www.facebook.com/baanx.io/

Reddit - https://www.reddit.com/user/baanx

Telegram - https://t.me/Baanxcom01

Author: tinhkhuat

Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=1885373