Blockchain Banking Startup BABB Raises $20M USD In ICObr>
Blockchain banking startup BABB (Bank Account Based Blockchain) has successfully raised its target of $20 million in its initial coin offering (ICO). The company is now planning to open its first regulated blockchain bank accounts before the end of the year.
BABB is a decentralized banking platform leveraging blockchain, artificial intelligence (AI), and biometrics to provide anyone in the world with access to a bank account for peer-to-peer financial services. BAX is a utility token that powers the BABB platform. All services, fees and licensing costs on the BABB platform will be paid with BAX.
“We sold 19,999,881,508 BAX…and we’ll burn the rest,” the company said in a blog post. “9,788 people took part in the token sale (including the main sale and pre-sale) from 146 different countries around the world. In total, we received 19,023 ETH, making the average participation 1.94 ETH. At the close of the main sale the ETH price was $940, which means we sold out for $20 million overall, including the funds received in the private sale.”
BABB said the funds raised will be used to jumpstart software development of its blockchain banking platform, mobile banking app, and decentralized payment card. The company will launch its mobile app in Q4 2018, having already begun development following 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. BABB has patents pending for these key technologies, including face and voice biometrics and the decentralised payment card.
BABB is also hoping to have a full UK banking license by the end of the year. “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” said Paul Johnson, BABB CIO and veteran of Lloyds Bank and Aldermore Bank.