Baanx: The ICO creating “The Amazon of Cryptobanks”
Every day more people are entering the cryptocurrency world. At time of writing the total market cap for crypto assets is around $330 billion. According to some estimates that may grow to be as large as $40 trillion by 2030.
Alongside this growth comes an exploding demand for crypto financial services, and today’s banking institutions are ill-suited to cope.
The Baanx ICO plans to meet this need by creating a platform for crypto-banking and fintech innovation.
Baanx Chief Operating Officer Sean Salloux says that our current financial institutions are “slow, they’re based on old legacy technology.” Actions which should “only take seconds, like transferring money, take days.”
Existing systems ill-suited to crypto
As described in the Baanx white-paper, the current financial system is “based on 1960 and 1970s technology- mainframe computers, massive central databases, and slow antiquated systems.” Not only are they slow, they are “inflexible and expensive to maintain.”
Designed for a world without cryptocurrency, these systems are ill-suited to absorb these new technologies.
Customers today want their banking to be quicker, cheaper, and more personalised. And more and more of them want those banking services to include cryptocurrencies.
For Salloux, “one of the reasons we started Baanx in the first place is we were crypto-enthusiasts but we wanted to see mass adoption.” For that to happen, “we need a better, faster and less expensive infrastructure.”
The “Amazon Model” for Cryptobanks
The Baanx ICO team is made up of veterans from major financial institutions like JP Morgan, UBS, MasterCard and the London Stock Exchange and has considerable experience in the banking industry, having delivered millions of dollars worth of loans in the last few years. Together they aim to create the world’s first crypto-banking network: the “Amazon model” for cryptobanks.
The goal is to “ensure that everyone has access to full-service cryptocurrency banking services they need.” To achieve this, not only will Baanx offer services such as debit and credit cards, secure wallets and lending, but by sharing its banking licenses it will allow brands or fintech startups to offer their own financial services through the Baanx OpenAPI© platform.
Baanx is licensed with the Financial Conduct Authority in the UK and through an E-money license in the EU. It plans to expand into Asia and the USA next year, with South America and Africa coming in 2020.
These licenses will be shared with partners “within a rule-based and highly compliant system utilising smart contracts,” allowing those brands to “offer their existing clients and potential customers add-on financial services in a low risk and manageable approach.”
The platform will be powered by Baanx’s BXX token. The BXX ICO pre-sale is currently in progress, with the first million dollars worth of tokens being offered at a 60% discount.
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