Startup BABB raises a $20 million to build its blockchain banking platform
Written by Mark Evans
BABB (Bank Account Based Blockchain) has raised its target $20 million in a sold-out token sale and is poised to open its first regulated blockchain-based bank accounts before the end the year.
The FCA Authorised Payment Institution headquartered in Level39 is developing a decentralised banking platform that could provide anyone, anywhere in the world, with a bank account, mobile banking app, decentralised payment card and access to a global peer-to-peer network.
With the potential market of those excluded by traditional banking, or just dissatisfied with existing banks, BABB plans to launch its mobile app in late 2018, using face and voice recognition to make domestic and international transactions,
By the end of 2018 BABB will also aim to have obtained a banking license in the UK, an achievement which will make it the first regulated blockchain bank in the world.
"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" notes Paul Johnson, BABB CIO and veteran of Lloyds Bank and Aldermore Bank.