BABB (Bank Account Based Blockchain), an FCA authorized payment institution headquartered in the Level39 fintech accelerator in Canary Wharf, announced on Wednesday it successfully raised its targeted $20 million in a sold-out initial coin offering (ICO) and is now set to open its first regulated blockchain-based bank accounts before the end the year.
The company reported it is developing a decentralized banking platform to provide anyone in the world with a bank account, payment card, and access to its global peer-to-peer network, designed for people who are excluded from or dissatisfied with existing banks. The funds raised through the ICO will be used to jumpstart development of BABB’s blockchain-based banking platform, mobile banking app and decentralized payment card, the Black Card.
BABB will launch its mobile app in the fourth quarter of 2018, which follows a prototype in 2017. The mobile app will initially offer the ability to open a bank account using face and voice recognition and make domestic and international transactions, with more advanced functionality to follow in 2019. Speaking of BABB’s growth and development so far, Paul Johnson, BABB CIO and veteran of Lloyds Bank and Aldermore Bank, stated:
“We’ve got good feedback from the Bank of England and we’ve now got a second stage meeting with them to go through our business plan and explain how BABB is going to comply with regulations and meet our own objectives.”
BABB also noted that begins more than 10,000 people took part in the token sale to fund its platform, and the project already has a following of nearly 50,000 people from 176 different countries around the world. Rushd Averroes, founder and CEO of BABB, went on to add:
“We are a global company with an international outlook, and the warmth and support we’ve received from people across the world has been hugely encouraging. We’re lucky to have a thriving community of people who are excited to open an account with us and who can guide us as we grow.”
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