Startup BABB (Bank Account Based Blockchain) has met its initial coin offering (ICO) target of raising $20 million, and plans to open its first biometrics-backed, regulated bank accounts before the end of the year, BlockTribune reports.

BABB provides a decentralized banking platform which leverages blockchain, AI, and biometrics to provide peer-to-peer financial services for anyone with a bank account. All financial services on the platform will be carried out with its BAX utility token. Individuals will be able to open a bank account through its mobile app, which uses face and voice recognition. The company has patents pending for technology related to face and voice biometrics, as well as its decentralized payment card.

The $20 million estimate is based on the sale of slightly under 20 billion BAX to 9,788 people from 146 countries during the token’s main and pre-sale, which brought in just over 19 thousand ETH, which was trading at $940 when the sale closed, according to a blog post.

CIO Paul Johnson, who has worked for Lloyds Bank and Aldermore Bank, says the company will attempt to obtain a full UK banking license by the end of the year, according to BlockTribune.

“We’ve got good feedback from the Bank of England and we’ve now got a second stage meeting with them to go through our business plan and explain how BABB is going to comply with regulations and meet our own objectives,” he said.

To learn more about biometrics, blockchain and financial services check out this archived Veridium webinar that takes a look at the evolution of digital currencies and how biometric authentication fits in.

Article Topics

banking | biometrics | blockchain | facial recognition | voice biometrics