LONDON, Jan. 25, 2018 /PRNewswire/ -- BABB, a banking and cryptocurrency venture designed to revolutionize the financial industry, recently completed a successful token pre-sale. The platform sold 10 billion of its digital currency, BAX, indicating that there is significant public and commercial interest in its services.
BABB believes "everyone is a bank," representing a bold new approach to blockchain-based banking for the microeconomy. BABB runs on its own cryptocurrency and the platform is pioneering an app that allows users to open a bank account from anywhere in the world, and participate in peer-to-peer financial services. This enables people to transact with other uses directly, and access crowdsourced banking services such as loans and currency exchange. This has the potential to expand financial services to reach a vastly larger number of people and support a wider range of activities.
Besides letting users act as banks, BABB supports central banks in issuing their own digital currencies and regulating cryptocurrencies in general. It is hoped that this will bring more stability to the digital money market. It will also help to accommodate that market within the broader framework of financial regulation, allowing for a smoother transition to the widespread use of cryptocurrencies.
By hosting a successful pre-sale, BABB has shown that the public is interested in its services and willing to take a chance on its currency. The platform generated 7,144 ETH while getting more than 6,850 people from 137 countries to pre-register in less than one week. If the public sale can match these results, BABB will be well on the way to transforming modern banking.
BABB's Approach to Banking
In developing a new form of banking, BABB is seeking to solve some of the most serious problems in the modern financial market. Chief among these is lack of access to banking services. Significant portions of the world's population do not have a bank account or any means of opening one. This hampers their ability to buy houses, gain education, start businesses, or take any number of other steps that are necessary for upward mobility.
BABB hopes to solve this problem in two ways: by increasing the number of people who have access to banking services, and creating a platform for services which are crowdsourced rather than provided by banks. With the BABB app, individuals and businesses can open a bank account easily and securely, removing many of the practical barriers to using such services, including a basic bank account which simply requires biometric identification. Users can can send and receive money, lend and borrow directly, exchange currencies and more, enjoying the benefits of blockchain-based banking in a safe, regulated environment. This increases the total number of potential sources of money, allowing those who have never used banking before to get their hands on it.
Besides expanding access to banking, BABB seeks to address some of the most serious problems in the cryptocurrency market. Digital currencies have enormous potential to expand consumers' options and offer new ways of making purchases and investments. But they are currently constrained by an uncertain regulatory environment. Central banks generally do not have a dog in the cryptocurrency fight, as they continue to print and regulate traditional currencies. This makes it harder for them to monitor and safeguard the digital currency market, leading to less security and certainty for those who participate in this market.
BABB offers central banks the technology they need to issue and regulate their own digital money. A central bank can use the platform to begin issuing digital tokens, which they can peg to the value of the fiat money that they print. This adds an additional layer of stability to the cryptocurrency market, as currencies may be less likely to fluctuate wildly in value if they are tied to another form of money. It also makes it easier for central banks to analyze and regulate a digital financial system.
In addition to letting central banks create digital currencies, BABB offers a cryptocurrency of its own: BAX. A utility token, BABB users purchase this coin in order to access the platform's services. The currency can also be used for fundraising and to facilitate currency exchange. Users will be able to exchange this currency with others on the BABB app. They can also use the Black Card, a decentrcard issued by BABB, to make purchases with BAX in affiliated shops. By releasing its own currencies and card, BABB hopes to make it easier and quicker than ever for ordinary people to use payment cards, further improving the accessibility of financial services.
As valuable as BABB's banking services are on paper, the real test of a financial venture is how many people take an interest in it. If a venture attracts heavy attention and participation from the beginning, it is far more likely to offer services that are truly valuable.
While we won't know the full value of BABB until its public sale is complete, its recent pre-sale was nothing if not promising. Designed to drum up early support for the platform, this event offered early adopters a 25 percent discount on any BAX that they bought. For the first two days, they could only purchase BAX using the cryptocurrency Ethereum. From the third day onward, customers also had the option of paying through wire transfers.
The pre-sale was a rousing success, earning 7,144 ETH with 6,850 people pre-registering for the sale in less than one week. Not only has this brought in a large pool of users, but it has provided the platform with ample funding. BABB has taken this success to heart, and will thus be holding its main BAX sale earlier than anticipated. Developers hope that this public sale will be just as successful as its predecessors, providing the platform with all the funding and customers it needs to thrive.