LONDON, June 22, 2018
/PRNewswire/ -- BABB, a UK-based financial venture that uses
blockchain technology and biometrics to offer access to banking
services for all, is soon to hold an equity crowdsale. The sale
will raise money to cover the regulatory and legal costs of
obtaining a banking license, and will give investors the
opportunity to own equity in the company.
The equity crowdsale is expected to open to the public next
week. Prospective investors can express their interest here in
order to receive an invitation once the crowdsale is live.
The Proposition
BABB will provide people around the world with access to a bank
account and banking services through its app, which is due to
launch in beta before the end of the year. Customers can open an
account on their smartphone simply by taking a selfie and saying a
passphrase. They gain access to a peer-to-peer network which makes
it quick and cheap to transfer money, lend to and borrow from other
users, and exchange currencies.
BABB seeks to revolutionize the financial industry through
innovative applications of blockchain technology. It has developed
a cryptocurrency, BAX, which underpins the platform along with the
mobile app and BlackCard. What's more, BABB has developed tools
which central banks, and other institutions, can use to issue their
own digital currencies and conduct financial inclusion
initiatives.
The Story so Far
BABB has successfully raised $20
million in a token sale which attracted widespread
participation. The funds raised in the token sale ensure a long
runway for the software development and launch of the platform,
app, and payment card.
Investors and financial experts across the world have taken note
of BABB's innovative project and solid strategy, and have been
eager to buy in. During the platform's public token sale, around
10,000 people from 146 nations bought BAX, the native
cryptocurrency of the BABB platform. With a global community
representing almost every economy on the planet, BABB's token sale
has helped to lay a solid foundation for future success.
Next step: equity crowdsale
The equity crowdsale will allow BABB to expand its efforts even
further and fund the legal and regulatory costs of becoming a
licensed bank. This sale will allow investors to participate in the
equity of the company. BABB hopes to encourage more widespread
participation, making investment in blockchain projects accessible
to those not confident in participating in token sales.
In choosing to conduct an equity crowdsale to raise this portion
of the required funds, BABB continues its commitment to bridging
the gap between the crypto world and the existing financial system.
As a result, BABB can raise the funds it needs to become a bank
while attracting the support of knowledgeable investors.
The platform will hold the crowdsale through CrowdCube.
Investors who participate in the sale will receive equity in BABB
Group, the parent company of both the bank and the software
company. Shareholders will have ownership, voting and pre-emption
rights. Most importantly, the money raised in the equity crowdsale
will help to ensure BABB obtains a banking license, a key part of
the strategy which will unlock the potential of the project as a
whole.
The equity crowdsale is expected to open to the public next
week, following a private funding round. Prospective investors can
register their interest in the BABB equity crowdsale here to
receive an invitation to invest once the sale is live.
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SOURCE BABB