Just a few months after securing $20 million through its sold-out initial coin offering (ICO), FCA authorized payment institution Bank Account Based Blockchain (BABB) is now seeking £1.5 million through its equity crowdfunding campaign on Crowdcube.
As previously reported, BABB stated it is currently developing a decentralized banking platform to provide anyone in the world with a bank account, payment card, an access to its global peer-to-peer network, which is designed to help those who are excluded from or dissatisfied with existing banking institutions. The company claims to be a “The World Bank for the microeconomy” as well as a global decentralized platform leveraging blockchain, biometrics, and AI to offer a UK bank account to anyone in the world.
“BABB will empower the microeconomy, improving lives and livelihoods and creating new opportunities for individuals and businesses across the world.”
The funds raised through its ICO round will reportedly be used to jumpstart the development of the blockchain-based banking platform, as well as the mobile app and decentralized payment card, known as the Black Card. BABB will launch its mobile app, which initially offers the ability to open a bank account using face and voice recognition and make domestic and international transactions, in the fourth quarter of 2018. BABB is also in the process of becoming a licensed bank. In a recent update, the company announced its new evaluation is £50 million.
“Based on the feedback from prospective investors in our pitch, we have decided to adjust the company valuation to £50 million. We’d like to thank everyone who took the time to comment and discuss this topic for your help in making this decision.”
Funds from the Crowdcube round will go towards the continuous growth and development of BABB’s products. Since launching, the campaign has secured more than 1 million. It is set to close at the end of August.
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