Having successfully implemented a token sale, which resulted in attracting $ 20 million, the BABB banking blockchain platform is now preparing to launch the main product and expects that the first accounts will be opened by the end of 2018.
The BABB platform is authorized by the Financial Supervision Authority of the United Kingdom (FCA) and is developing a decentralized banking platform that promises to provide any person in the world with a bank account, payment card and access to a global p2p network.
The funds raised via the token sale will be used to accelerate the development of the platform, the mobile application and the decentralized Black Card payment card.
The launch of the application is expected in the fourth quarter of 2018, and at the initial stage it will allow you to open bank accounts using face recognition and voice recognition technology and carry out domestic and international transactions. More advanced functionality will be available in 2019.
The company also hopes that by the end of this year it will receive a full banking license in the UK, which will make it the first regulated blockbusiness bank in the world.
“We received good feedback from the Bank of England and are now in the second phase of negotiations with them, discussing our business plan and explaining how BABB will comply with regulatory rules and achieve its own goals,” said Paul Johnson, Chief Investment Officer.