BABB: Rushd Averroës Interview
At CoinFT we are always keen to talk to founders looking to disrupt traditional finance with blockchain technology. BABB is doing exactly this, with their Bank Account based Blockchain ICO.
We sat down to chat with Rushd, Babb's founder last week, read on to learn more about their project to change the world of banking:
So Rushd, what was the inspiration for starting BABB?
I’ve been interested in financial inclusion for a long time, but the lightbulb moment was realizing that decentralizing banking would solve a lot of problems, and discovering the technology that could enable us to do it. I moved to the UK in 2009 and was prevented from opening a bank account by all the major high street banks. A few years later, my money service business (MSB) was almost bankrupted because the bank decided to close our account without warning or justification (along with many other MSBs’). It was clear to me that the current banking system is failing to meet the needs of billions of people around the world, and that creating a fairer and more inclusive system was possible.
Why do you feel we need BABB at this current moment in time?
Simply put, the technology is here and there is no time to waste. Accenture has estimated that serving the world’s unbanked communities is a $308 billion opportunity but it’s too expensive for traditional banks to serve them. It makes no sense to keep 2 billion people on the outside any longer, now that we can cut costs to such an extent that we can provide an amazing banking experience for everyone, and do it profitably. We believe that through the rigorous application of new technology we can help break the centralized model into a decentralized one driven by individuals.
How close are you to having a fully functioning product?
We’ll be building and trialing the beta version of the smartphone app soon, and it should be live to the public by the end of 2018.
What purpose will the tokens available in the ICO have?
BAX is a utility token that powers the platform, meaning anyone who wants to use a BABB account will be required to purchase BAX for use on the platform. We’ll run a full reserve of BAX. BABB will collect all fees and licensing charges in BAX and hold in the reserve, releasing them slowly back into circulation. BAX will also provide liquidity for peer-to-peer currency exchanges, and make it easier and cheaper for people in different countries to raise money across borders, using BAX as a universal currency.
What are the current details of your ICO?
Our token sale is going live today 15th January! 50% of the token allocation is reserved for the pre-sale, and once they’re sold out the main sale will begin. We’re issuing a total of 50 billion BAX tokens and releasing 20 billion of them, priced at $0.0012, in our 2018 token sale. A further 10 billion will be released to supply extra demand once the platform and smartphone app are live. More info: https://medium.com/@BABB/announcing-babb-token-sale-b604644361f7 and https://medium.com/@BABB/babb-token-sale-registration-is-open-6db685a39722
Thanks for all those details, finally, where do you see BABB in one years time?
I know that in a year the BABB app will beavailable for download in the EU and the MENA region. Core services live, including the UK bank account with peer-to-peer capability for some financial services, including currency exchange and international payments will also be live!
BABB look truly set to change banking, we are huge fans and encourage people to check them out at https://getbabb.com/