In this post I will be giving a summary of the analysis I did on BABB ICO.

Tag Line: Decentralised banking platform. Access to a bank account for P2P financial services for anyone in the world.

BABB leverages blockchain, biometrics and machine learning to offer revolutionary decentralised banking services for people across the globe. Regardless of background, location or income, BABB will offer a UK bank account to anyone in the world, helping increase financial inclusion and social integration, while also empowering local economies to generate wealth for themselves.

Having a UK BABB account enables a seamless transition between legacy banking and blockchain-based bank account. In addition to the usual cryptographic address, BABB Accounts are issued an IBAN for European and international bank wires, as well as an Account Number and Sort Code for UK national transactions. This will allow funds to be onboarded and off-boarded directly into the banking infrastructure, to maximize the usefulness of a BABB account. This is the primary bridge through which they’ll connect BABB to the existing financial systems, allowing for onboarding and offboarding of funds, particularly larger volumes.

Main use-cases are:

Peer-to-Peer Cash

Peer-to-Peer Borrowing

Peer-to-Peer Fundraising

Payments & Payroll

Token:

The BAX token is used under the hood to operate the services of the platform across all the geographies and jurisdictions served by the platform.

Analysis:

Idea: Like most of the ICOs, BABB envisions a utopian solution for a very large problem by providing everyone an access to the basic financial services on a microeconomic scale and focusing on developing and underdeveloped countries. The main services that BABB provides might look unnecessary or mundane for people living in countries with easy access to financial services, but they are useful services for third-world and underdeveloped countries.

Like most of the ICOs, BABB envisions a utopian solution for a very large problem by providing everyone an access to the basic financial services on a microeconomic scale and focusing on developing and underdeveloped countries. The main services that BABB provides might look unnecessary or mundane for people living in countries with easy access to financial services, but they are useful services for third-world and underdeveloped countries. Communication: They use AmaZix (a company that offers community management)as a partner to manage their communications. They were much better than other admins (of other ICOs) in answering my questions. Although I was expecting a more active role from the actual team members in the group.

They use AmaZix (a company that offers community management)as a partner to manage their communications. They were much better than other admins (of other ICOs) in answering my questions. Although I was expecting a more active role from the actual team members in the group. Team: Unfortunately the team doesn’t really have any experiences with banking as per their LinkedIn profile. Their technical team seems to be outsourced to a Portuguese company called Seegno. Unfortunately, my question in their Telegram group was ignored by the admins. Outsourcing the technical team is a very big negative for such a project. There is always a risk of commitment in these cases.

Unfortunately the team doesn’t really have any experiences with banking as per their LinkedIn profile. Their technical team seems to be outsourced to a Portuguese company called Seegno. Unfortunately, my question in their Telegram group was ignored by the admins. Outsourcing the technical team is a very big negative for such a project. There is always a risk of commitment in these cases. Funding: They are part of a London-based accelerator called level39 and they have already raised $1M as seed funding. This is a big plus in my opinion.

They are part of a London-based accelerator called level39 and they have already raised $1M as seed funding. This is a big plus in my opinion. Technology: Unfortunately their roadmap is not very clear on this. Their biggest challenge is to develop the actual blockchain but there is no mention of this anywhere on the roadmap. It seems that their only focus is on their app, but the app is useless without an actual blockchain behind it. The Seegno team (company in charge of their tech) seems to have to experience in blockchain and smart contracts, so this is big negative in my opinion.

Unfortunately their roadmap is not very clear on this. Their biggest challenge is to develop the actual blockchain but there is no mention of this anywhere on the roadmap. It seems that their only focus is on their app, but the app is useless without an actual blockchain behind it. The Seegno team (company in charge of their tech) seems to have to experience in blockchain and smart contracts, so this is big negative in my opinion. Token: The number of tokens in circulation after the ICO will be very high. So it is highly unlikely that it reaches 2 digits in value, but still can grow significantly in this market.

The number of tokens in circulation after the ICO will be very high. So it is highly unlikely that it reaches 2 digits in value, but still can grow significantly in this market. Business: They have a few big challenges on their business side. First is they need back the BABB accounts with IBAN and second they need to convince central banks to integrate their system, which I think is very hard to achieve.

They have a few big challenges on their business side. First is they need back the BABB accounts with IBAN and second they need to convince central banks to integrate their system, which I think is very hard to achieve. Partnerships: Unfortunately none.

Verdict:

In general, the idea is good and there is no red flags on the project, although the outsourcing the technical team, lack of banking experience can make it a risky project, but overall this can be a good “Long term” investment.

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DISCLAIMER: This article has the sole purpose of analysis and in no way an advice on investing. Investing in ICOs are very risky and potentially you can lose all of your investment.