Bank account based blockchain. Our decentralised banking platform will enable anyone to open a bank account and crowdsource financial services.
The microeconomy is fundamentally underserved by the incumbent banking system. Emerging technologies provide the opportunity to create an alternative that addresses perennial problems of the banking system in new ways, including systemic risk, data privacy, financial exclusion and sluggish competition. Distributed ledger technologies, biometrics and machine learning provide us with the tools to create a new kind of bank, global and decentralised, which can service and empower individuals and businesses around the world in ways that traditional banks simply cannot. Built to operate independently of legacy systems, this new decentralised bank will serve, stimulate and galvanise the microeconomy, while operating in full compliance with regulations around the globe as well as Fair Banking principles . BABB is the decentralised bank for the microeconomy, providing individuals and businesses with a UK bank account, powered by blockchain technology. The account is managed via a smartphone app and provides access to a decentralised payment card. In addition, partnerships with central banks allow for the integration and issuance of other digital currencies around the world, further stimulating local micro-economies and expanding the reach of the BABB solution and its underlying BAX token. BABB is already an FCA Authorised Payment Institution (API) and will be applying for a Banking licence in early 2018.