Crypto A.M. shines its Spotlight on BABB
BABB combines blockchain, database hybrid and a utility token to facilitate borderless P2P transactions, lower barriers to financial inclusion, make the world of Crypto accessible to everyone and open up a whole new channel for individual and charity fundraisers.
When BABB founder Rushd Averroës arrived in the U.K he was unable to get a bank account. He had a job, he had somewhere to live, but he had no bank account to receive funds or pay out from. Since then, he’s been on a mission to lower the barriers to financial inclusion across the globe. Fast forward to 2019 and BABB launched its Beta, inviting 14,000 participants to download the mobile-first platform.
At time of print, the app is available on Google Play Store and available in 150+ countries around the world – iOS released later this week.
People with lower income have always been unattractive to traditional financial service providers because, amongst other things, onboarding and maintenance costs outweigh the benefit for incumbents.
Users can top-up their wallet directly from their credit/debit cards. In the near future, they will also be able to top-up and cash-out by bank transfer.
Crypto is no longer the reserve of traders using exchanges. BABB empowers people to purchase and convert between BAX, ETH and BTC in just a couple of clicks and near real-time. No more placing bids and waiting for price changes then waiting for processing.
By giving people with a place to store, manage and share their earnings, BABB are providing a foundation on which to thrive. However, providing an account isn’t enough to drive change. The BABB platform has been expanded to include the following functionality.
The lifeblood of the BABB platform is the BAX utility token. By converting fiat currencies to BAX, BABB disintermediates 3rd party fees from traditional bank rails and networks – they pass that saving on directly to users by providing free borderless P2P transactions.
Real life use-cases and Crypto for good. Charities are in survival mode as they have had their usual in-person activities restricted and, in many cases, removed completely. Many of the larger organisations are pouring budget into advertising to try and mitigate but overlook operational savings. Local, national and international organisations (and individuals) are able to use BABB to fundraise at a significantly reduced cost and extend access to the global community without the additional expense they have come to expect.
BABB provides each customer with a wallet, within which they can store, manage and convert their BTC, ETH and BAX tokens within a couple of taps of the screen.
Remittance/P2P transfers – Remittance and P2P transfers have seen a surge as the world becomes a smaller place. However, many solutions currently on the market use intermediaries and banking networks that carry significant costs. Some still require in-store deposits. BABB aims to eradicate nearly all of those costs by being natively digital. Everything can be done within seconds on a smartphone. Moreover, by using the BAX utility token they make traditionally restricted currency pairs accessible – with no minimum transfer, it facilitates even micro-transactions at no additional cost for same currency/token pairs.
Security and AML/KYC – One reason mainstream audiences are sceptical of using Blockchain/Databases/Crypto is because of historical bad actors taking the limelight. BABB has incorporated an automated KYC robot that typically verifies applicant’s ID within 3-5 minutes through a biometric video selfie and a passport/national ID.
As part of its drive to bring less scrutiny and reduce risk to the world of blockchain and cryptocurrency, BABB also has numerous measures and processes in place to mitigate against illicit activities and bad actors within the ecosystem; providing greater due diligence than many other players.
Corporate social responsibility isn’t a nice-to-have – BABB has for-good at its core, it’s at the heart of everything it does. As such, BABB paused development of some blockchain banking services in favour of bringing forward the release of the fundraising feature to help get more funds directly to where they are needed the most; in a timely manner.
An example case study is the collaboration with Crypto A.M. on a global campaign for a local project. Crypto A.M.’s James Bowater has launched “Isle of Dogs & Poplar Food and Care” – a campaign raising funds from all over the world for vulnerable people in-and-around Canary Wharf. At time of publication, the campaign had achieved 25.5m BAX (nearly £3,000 at time of writing, enough for up to 600 meals). You can download and donate at getbabb.com or view the campaign here.
To learn more about BABB, download the app in your respective app store or head over to getbabb.com. For press/media enquiries, please send an email to [email protected].