Banking With A Decentralized Platform Called BABB
With the use of blockchain technology, BABB is developing an innovative new banking system that is decentralized. Smart phones will be used to manage accounts and the platform will also be offering a payment card. Integration of partnerships with other traditional banking systems will allow for the use of traditional currencies that people are familiar with. Babb at the moment is an Authorized Payment Institution. The banking license application is the next step for BABB. Bank account based blockchain is what the letters of the BABB name stand for. Allowing anyone throughout the world the ability to have a United Kingdom bank account is the focus of BABB. Full compliancy to regulation is also important to BABB. Accounts will be able to be created without having need of a UK address or a credit history. An ID card of some kind or passport will be required to get a new account. Limited accounts may also be available if there is no documentation provided.
For the transfer of funding, blockchain technology will be used to send the funds anywhere in the world. The token known as the BAX token will be available for use on the BABB platform. This is in addition to other tokenized traditional currencies. Any person will be able to use this new banking system.
International wire transfers using IBAN numbers will also be an option for account holders. This is a key function and every account will be provided an IBAN number. IBAN numbers create an easy option for transferring funding from account to account. Funds in the accounts can be accessed via a mobile app. Loans can also be set up. If you do not want to use those options, a Black Card will also be used for accessing the funds of an account. This would be very much the same as any debit card available today. QR code scanning is also a feature of the card. Find out more about BABB with the links below.
Whitepaper link: https://getbabb.com/babb-whitepaper.pdf
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