BABB stands for Bank Account Based Blockchain. As per the name, it is a unique mobile app based on the decentralized Blockchain technology that performs almost all the basic functionality of a conventional bank with the single tap on your phone. The app is developed by BABB app Ltd, a UK based money service business (MSB) that is licensed and regulated by the Financial Conduct Authority (FRN).
BABB has many unique features which are explained below:
Open source: BABB is basically an open source platform that allows other businesses or developers to build their own or integrate their existing applications to the BABB banking platform. So, it completely differs from other money service businesses like PayPal, Skrill, Payza etc which are proprietary and not open source.
Low-cost money transfer: Even though BABB is not a free money service business (MSB), it does not charge any fee for every transaction. Hence, it is much cheaper than other methods of international money transfer.
Flexible currency conversion: Have you ever tried to exchange different currencies in a bank?It is a hectic job because you need to provide all the documents related to your travel to them. Then only, they will do the currency exchange. Otherwise, if you go to a private foreign exchange business, they will offer only low rates compared to the current rate. Also, you need to provide a flat or certain percentage of the amount as a service fee. In BABB, the currency conversion is made very simple. Let’s say you need 100 USD but you have only 100 Euros. Once you enter the relevant information on the app, it will simply list all the members nearby your location who can provide USD to you. That’s it. Now, you can easily exchange your Euros for USD.
Global connectivity: Not only fiat currencies, but also you can send any type of cryptocurrency to anyone located anywhere in the world. As the platform is independent of the location, you can access the same account even if you are relocating to some other country. This helps to achieve the global connectivity for the BABB app.
Local digital currencies: BABB platform paves the way for the central banks to implement local digital currencies based on the blockchain technology. This concept will help the individuals to get access to several international payments and gateways.
To access the various features of this platform, the company is introducing a special type of token named BAX token. These tokens are based on the Ethereum standard ERC 20 and can be bought/acquired by participating in the token sale event of the company. BAX token will be used as the primary option for paying service fees or other costs associated with the BABB platform. Any Ethereum based wallet can be used to purchase the BAX tokens.
To learn more about the pricing, schedule, sale terms and availability of BAX tokens, please visit https://getbabb.com/ and the Whitepaper.
