BABB - a new generation bank

       

 A number of start-ups, connected with crypto-currencies and lock-up, point to imperfection of the current banking system. From the usual financial sector, almost 40% of the adult population in the world is virtually excluded - they are deprived of accounts, as banks refuse to make them their clients because of all sorts of risks.The same applies to small and medium-sized businesses, cut off from credit sources. As a result, the government receives less taxes, and the turnover of a large share of funds falls on cash - the very pieces of paper without real support behind their backs, which have been trying to dislodge bitcoin for years.Solving the problem (by the way, not the only one in the industry) offers a startup BABB.

BABB - what is this?

BABB  is a company based in London. Paul Johnson, a former head of Aldermore, one of England's leading banks, participates in her development.BABB intends to launch a financial platform on the blockbuster - a global decentralized bank. BABB has no shortcomings in traditional financial institutions.All that is required from you (wherever in the world you are) is to download the mobile application, after which you will be able to make payments, transfer funds, enter and withdraw money.And not only - you can even receive income from loans and other foreign exchange transactions. There will be a Fiat exchanger and a crypto currency reminiscent of LocalBitcoins, for p2p exchanging funds with other BABB users (quickly and cheaply!) Without any intermediaries.

BABB - for what?

With BABB you will receive a UK bank account - with no credit history and addresses in the country.It is enough to download the document proving the identity. It is also possible to exclusively biometric identification - if the account is confirmed by a network member who has been fully identified.In addition to the BAAB account, IBAN (international bank account number) is attached for cross-border transfers in Europe and the world.Thus, the existing banking system will not remain out of business - some of the funds will continue to flow through it.The startup does not attempt to completely replace the infrastructure that has developed over the centuries-such a collaboration will serve (at least temporarily) as an effective compromise.Another concession to BABB in favor of traditional banks is that the latter will be able to launch local crypto-currencies (of course, of all-powerful central banks) whose value will be tied to the value of the national currency.But more importantly, with BABB everyone will become "himself a bank". This is not a joke - we have already mentioned the possibility of changing the currency without intermediaries.The second argument is instant transfers across the planet with minimal commissions. The current financial institutions are healthy at this profit - especially in the case of small / medium-sized businesses.

Let's say an entrepreneur from Russia wants to sell a license for his franchise abroad - with BABB a buyer will pay a lump-sum fee or royalties instantly, with the bank having to wait several days to confirm the payment. Yes, and the commission nehilo hit the wallet!

At the moment, among the promises of the British start-up, the most controversial is the desire to issue its own debit card, Black Card.On the one hand, it seems to be a convenient piece (take out money and pay where you want), on the other - all the options are already in the mobile application. While the leading supermarkets do not transfer to the platform, there is no special meaning in the design of the Black Card.

BABB - why do I need to invest in ICO?

ICO of the BABB project is scheduled for February 2018. Its own crypto currency is called BAX - only 1 billion tokens have been issued. That's how they will be distributed -

  • 60% - for sale,
  • 20% - to the team,
  • 18% - the fund,
  • 2% - on the bounty campaign.

BABB invested in the ICO investment will spend as follows:

  • 30% - development of a platform,
  • 20% - operating expenses,
  • 20% - marketing,
  • 10% - the solution of legal issues,
  • 10% - reserve,
  • 10% - working capital.

Hardap is fixed at $ 50 million.

The amount is significant, given that in history, not so many projects on the ICO have exceeded this figureBut BABB's goal is also serious: to create a global decentralized financial system for replacement and partly for collaboration with banks.The status of BABB should not cause doubts.As we said, Paul Johnson, ex-head of Aldermore Bank, participates in the development of the platform.In addition, BABB is officially recognized as a financial institution by the FCA regulator, an organization that controls the UK financial market.

Project road map

The project team

References

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