Five reasons for why you should use BABB

BABB (Bank Account Based Blockchain) is an innovative and decentralized banking platform that helps anyone located anywhere in the world to get P2P (Peer-to-Peer) financial services. The tagline of BABB is “Everyone is a bank”. Are you wondering why do they say like that? Simple. In BABB, all the transactions are done directly between the members of the platform without involving any middlemen. That’s why they are saying everyone is a bank. Let’s see the working principle and special features of BABB below.

• UK Bank account: Using the BABB app, anyone can easily create a bank account based in the UK. The process of opening the bank account is very simple. Just install the BABB app on your mobile, take a selfie of yourself and say a passphrase to verify your identity. That’s it. So, anyone who has a mobile phone and an internet connection can easily access the BABB platform.

• Send Money – Do you want to send money to your friends or family? It is very easy if he/she is also a member of the BABB platform. In that case, can send any amount to them instantly without any kind of fee or other charges. It is exactly like sending money from your PayPal account to another with 0% transaction fee.

• Currency exchange – Let’s say that you wish to convert 50 USD to Euros. How will you do that? Probably, by visiting any traditional foreign currency exchange? Right. But, most of the exchanges will need either your passport or other supporting documentation for currency conversion. Also, they will charge a flat fee or a certain percentage of the total amount as processing fee. In BABB, currency exchange is straightforward as it does not involve any middlemen. Once you chose the amount and the currency you wish to exchange, it will show you the list of the other members of the platform who are having that currency. So, you can easily convert from one currency to another without any fee.

• Black card – It is nothing but like the conventional debit card provided by the banks. This card is used as the link between the digital and the physical payments. The black card is directly linked to your BABB account and can also be used as a prepaid card. It is a highly secure card with QR code.

• Social KYC – If you have a traditional bank account, then you must be familiar with the KYC (Know Your Customer) documentation process. Without KYC, you cannot open a new bank account. But, BABB will be introducing the new concept called Social KYC. What does it mean? If you don’t have any kind of documents to verify your identity or address, you can still open BABB account, if someone having valid KYC can vouch for you. This will be extremely beneficial for someone who is new to a foreign country because it will take some time for them to get the necessary documents for proving their identity or location.

To access the features of this platform, you need to hold a special type of token called BAX tokens. For getting more information about the procedure to buy the tokens, please visit https://getbabb.com/ and the Whitepaper.