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BABB is an acronym for Bank Account Based on Blockchain. They want to use blockchain technology to offer a bank account to anyone in the world, with built-in access to crowdsourced financial services. It is possible to significantly cut the cost of banking and financial services to offer game-changing service and bring two billion people into the global economy. They think this will be good for everyone.
The benefits of a decentralised model of banking don’t stop at financial inclusion. They can end high prices due to stagnant competition and data leaks due to poor security. They can also make the global economy less susceptible to shocks such as the 2008 financial crisis by decentralising the decision making. Banks are weak and vulnerable, compared to the distributed strength and security of a decentralised banking platform, in which each user is essentially their own bank.
BABB will work directly with central banks to issue their own digital currencies, working around existing local and international fiscal and monetary policy. They believe that central bank-issued digital currencies (CBDCs) will play a key role over the next decade, with many central banks having already announced plans to this effect. CBDCs can help to stimulate local economies by retaining wealth within a defined boundary and supporting local payment networks.
BABB will work with central banks to manage existing and issue new CBDCs. They can leverage the technology to host and operate a portion of the federated network. This sub-network remains an integrated part of the global platform, allowing citizens to transact locally and globally. Central banks can also collect data from the platform to provide the insight needed to manage the system efficiently.
BAX token BAX will be implemented on the public Ethereum blockchain as an ERC20 token. BAX is a utility token which will be used under the hood in the BABB platform, powering the network across all jurisdictions. All service fees and licensing on the platform will be collected in BAX, meaning any individual or business must hold BAX in order to use a BABB account. As a universal currency, BAX will also have many use cases on the platform, including: ensuring liquidity of P2P currency exchange, facilitating cross-border fundraising, and international payments.