What does this mean?

For many years, people have spoken about the potential of deploying blockchain and cryptocurrency solutions, but very few projects have managed to get much further than the concept stage or applicable real-life use cases, until now. BABB has officially launched its app to the world.

When people are connected to the financial ecosystem, have ownership and control over their money and data, their contribution to local and global economies can change the world into a better place. BABB is using technology to make this change happen now.

Anyone with a smartphone can use the BABB Platform from almost everywhere in the world to buy, convert and send cryptocurrency. In the not-too-distant future, BABB hopes to be able to provide similar services from a fiat currency wallet, too. More importantly, BABB commits to offering borderless payments to its customers.

For the currencies we support, we allow users to move their assets seamlessly across borders at a significantly lower cost — often much faster than many existing well-known solutions available before today. The word remittance probably needs to be banished since it just refers to the transfer of funds from one currency to another, officially crossing borders. With BABB, users can send assets to any-and-all countries that we support frictionlessly, and in both directions.

What is the BABB Platform?

The BABB platform is a secure blockchain/database hybrid that can be easily accessed through an app native to the majority of iOS and Android devices. It can be used to store, manage and convert assets and send funds across borders without incurring banking fees.

BABB is on a mission to lower barriers to financial inclusion and help to make the benefits of blockchain/cryptocurrency available to everyone — it believes that financial services should be affordable, efficient, fair, transparent and globally accessible.

Rushd Averroës — Founder & CEO, BABB

BABB has multiple use cases as it exists today (explored below) and will have more in the future. Humble, but bold in ambition, BABB is constantly evolving.

Rushd Averroës reaffirms “I’ve made it my life’s work to put an end to financial exclusion by connecting people globally.”

By opening to 169 countries and being available on even the most basic smartphone models, we are making a statement of intent.”

With the inclusion of a fundraising capability, those who wish to make a positive impact on society are able to get more funds to where they are needed most, often faster than traditional financial service networks — even global banks. Moreover, donors aren’t penalised with a platform fee when donating directly from their BABB wallet.

Banks and local economies across the world could generate $380 billion in annual revenues by leveraging financial inclusion opportunities in emerging markets in five years, according to reports by Accenture — BABB is here to bridge that gap.

What is the BAX Token?

BAX is BABB’s native Utility Token and the lifeblood of the BABB platform.

BAX facilitates the transfer of funds from fiat currencies to almost any destination in the world.

Currently, the tokens can be bought in the app via Credit/Debit cards and will be purchasable via bank transfers in the near future.

Functions and Features

Borderless P2P transfers

With BABB, users can convert fiat currency (£/€) into BAX that can then be sent across borders without exposure to complex, expensive interbank networks and FX conversion fees. The tokens can then be converted back to fiat (£/€) and withdrawn to a bank account by the recipient on the other side (currently 36 regions). In short, they are able to get more of their assets to where they want them quickly and easily.

Most existing P2P / Remittance solutions have an account in each country within which they provide services. Users pay into the company’s account in country A, the company pays out from country B. The problem with this approach is that processing and settling can take days. Consequently, they have significant overheads and small armies of operational teams to maintain.

To cover this, they add considerable mark-ups, offer poor exchange rates and/or hidden fees to pay for their overheads. What’s worse, they often multiply the fees for rare currency pairs. BABB is disrupting that practice and offers those looking to send funds home to friends-and-family a fairer solution.

The best part? It’s all done securely on your Smartphone from the palm of your hand. No need to visit a physical location; no need to queue; no need to wait a long time for settlement; no exposure to FX rates; no complicated mark-ups; no need to carry around and hand physical cash over a counter.

Global Fundraising/Donations

Until recently, charities, community projects and non-profit organisations the world over have been restricted to using mostly domestic fundraising channels. It’s time that changed. By having their in-person activities cut off, charitable and non-profits in the UK alone are believed to be at a £4bn deficit and need urgent support.

The majority of fundraising platforms use traditional banking networks and multiple 3rd parties to accept, process, approve and settle payments — all of which is expensive.

This approach makes the cost of making overseas donations significant and outweighs the benefit. BABB does things differently.

BABB harnesses technology so that fundraisers can expand their efforts to include a global audience without it costing them a penny. What’s more, donors aren’t charged a fee and fundraisers are able to accept even the most modest of donations to further their cause — it’s win-win.

Purchase and Conversion of Cryptocurrency

People are still intimidated by the world of cryptocurrency and possibly confused by blockchain. We recognise that there is still much that we need to do to promote education, building trust and confidence in making crypto and blockchain part of everyday lives. BABB continues to strive to contribute to this cause.

Part of the unknown around tokens is how to acquire them. Many are put off by having to go to an exchange, place a bid, wait, have the order filled, wait again, send to a wallet, wait. The waiting cycle continues and can feel endless at times.

Another element is what to do with them. Generally speaking, people don’t know about the difference between a Security Token and a Utility Token. At the risk of oversimplifying, the main difference is their intended use and functionality. We intend to use BAX as a utility token to help us further our objectives in making a difference. The first use case we have deployed is charitable fundraising and crowdfunding to empower people from all over the world to make a difference in society.

Easy top-up and convert. The BABB platform makes crypto accessible, purchase easy and conversion simple. Once you have a verified account, you can top-up your wallet and convert it in the time that it takes to enter your credit/debit card and press a button. No need for cumbersome, time-sapping exchanges.

BABB aims to contribute to the long-term stability and liquidity of its native token, BAX. Part of this strategic implementation is the expansion of BAX listing in several more exchanges across the world. The efforts have been stalled temporarily due to the effect of COVID-19, but as soon as the world comes back to normal, BABB shall pick this up again. In the meantime, we shall continue to exert efforts to expand the use of BAX.

Safe, secure wallet for storage and management of crypto assets

When it comes to the management of crypto assets, things are quite disjointed. Quite frankly, whether web-or-app based, these are rarely intuitive and can be quite frustrating for even the hardest of crypto enthusiasts.

Perhaps more importantly, the user experience and design in most crypto wallet services have been somewhat forgotten and not considered during development / deployment.

BABB has worked hard to try and bring an offering to market that isn’t just functional but smooth and intuitive.

How does it work?

The BABB platform:

Leverages blockchain to promote financial inclusion — cryptocurrency on a public blockchain (Ethereum); internal transactions on a high-performance private blockchain; transparent & immutable blockchain auditing by integrating private & public.

Promotes security and data protection through the use of biometrics — Fingerprint authentication for basic functions; voice recognition for higher access (future); face recognition for multi-tiered access; secure authentication (face-voice passcode — future).

Improves operational efficiency and cuts costs through the application of artificial intelligence (AI) and machine learning — smart transaction flagging for anomalous activity; risk assessment based on customer profile and customer engagement through an intelligent chatbot.

BABB wants the platform and ecosystem to be as secure and safe as possible. Consequently, BABB asks all users who wish to take advantage of full-functionality to verify their identity. We want to keep BABB a safe place for all our customers.

To ease the pain of what is normally a tedious process, the BABB app incorporates a best-in-class onboarding KYC bot that combines an ID document with biometrics from a video selfie to verify the user — the whole process is simple; from start to approval is completed in under 5 minutes on average.

P2P Transactions

Life is better with friends and life is complicated enough. We aim to keep BABB as simple and intuitive as possible, Using the BABB app, you can transfer funds in just a few seconds. It doesn’t matter whether the person you are sending them to is overseas or sat right next to you.

Once both parties have verified their identity, they are able to search and add friends on the platform and send them BAX, BTC or ETH. If they’re not already connected on the app, they can scan a QR code or enter a wallet address.

It’s all done in almost real-time. no more waiting for multiple layers of processor approval, manual review or FX fee.

Simply select send, choose a recipient, enter the amount you want to send them in BAX (local currency equivalent is displayed), confirm details and send. It is that easy.

Future versions will provide multiple noteworthy updates, including the ability for users to make purchases using a virtual card.

Topping up

What’s the use of having a wallet if there is nothing in it? 🤷🏼‍♂️

BABB — Topping up by card.

With BABB, crypto is no longer exclusive to those who know how to place a bid on an exchange — the benefits of blockchain and database hybrids are open and available to everybody, today, through the BABB app.

The BABB Platform has its own native utility token, BAX, that is used to transfer funds from one wallet to another with no consideration for geopolitical borders.

Once users have verified their account, they are able to top up their account via credit/debit card by clicking the + button beside their balance or receive from other ERC-20 compatible wallets by selecting ‘Receive’ and sharing their QR code or wallet address.

Note: There’s plenty more development to come, including the ability to top-up by bank transfer, and will likely have functionality that includes the ability to send requests and reminders to connections.

Global Fundraising

Fundraising is overdue an evolution. As a result of COVID-19, it would seem that the evolution from in-person to digital will be accelerated beyond the rate at which many are used to. Those who adapt to new ways of working and are open to new channels will thrive; the others will not be so lucky.

BABB Fundraising Campaign Screen

Using the BABB app, those seeking to raise funds are able to expand their audience from domestic, to global without any additional cost to themselves OR their potential donors.

Creating a campaign is intuitive and easy — providing the fundraiser has already prepared content for their cause, it can be done in a matter of minutes.

Once a campaign has been reviewed and approved, it is live for the world to see and donate to. Fundraisers are able to promote their campaign with friends, family, neighbours, colleagues and strangers alike.

Future updates will make campaigning more social and interactive. Communities will be created and feel connected by incorporating the world’s favourite platforms into the app to allow potential donors to evaluate campaigns and campaigners alike. In addition, future iterations will include the ability for campaigners to share updates with those who are following/have donated to their cause.

Note: At the time of publishing, there are updates being finalised and tested for deployment that include the ability to donate to a campaign via a credit/debit card via the campaign webpage and the option for donors to remain anonymous. BABB also plans to introduce categorisation so that users can navigate based on everything from campaign type to geographical region.

Donating

At times of hardship, there are significant pressures on finances for everybody, but people still want to help others in need — that’s where the BABB platform helps.

Donors are often subjected to a donor fee or, significant card processing fee and/or in the case of international transactions, subjected to FX conversion fees too.

With BABB, donors are able to get more of their donation to the cause they are supporting because they don’t lose anything to operational or processing cost on the platform.

Importantly, BABB facilitates micropayments, so that donors are able to give what they can afford without being subjected to a minimum donation amount.

We’ve got a healthy product pipeline and look forward to continuing development that connects donors with the campaigners and allows them to stay updated with the difference their donation has made to the lives of others.

Referral Programme — Earn BAX

BABB users are now able to earn BAX by sharing their unique referral code with their friends, family, colleagues, and neighbours.

Once the referee has created, verified their account and deposited the equivalent of 10GBP, both parties are rewarded with 35,000 BAX each.

This feature is already available and functioning on Android and will be available soon to those using iOS devices.