FCA authorized payment institution Bank Account Based Blockchain (BABB) has successfully secured its initial 1.5 million equity crowdfunding target through Crowdcube. The campaign was launched last month, just a few months after BABB raised $20 million through its sold-out initial coin offering.
BABB 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. The company is now 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 that is designed to help those who are excluded from or dissatisfied with existing banking institutions. BABB also revealed that once it is a licensed bank, it will aim to provide access to a bank account for anyone, anywhere in the world with global economic connectivity built-in.
“BABB will empower the microeconomy, improving lives and livelihoods and creating new opportunities for individuals and businesses across the world.”
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. 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. Funds from the Crowdcube round will be used to continue expansion and growth. It is set to close at the end of August.
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