What would an elevator pitch for Baanx sound like? What makes Baanx different from ordinary banks?
Baanx is the World’s 1st Decentralised Cryptobank network sharing bank licenses to create a unique crypto-financial ecosystem where it is easy to start a new Cryptobank brand and release much needed blockchain cryptocurrency sector products to customers.
We are changing the market with mobile apps such as a highly secure cryptocurrency wallet with crypto-balance insurance so you know your cryptocurrency is going to be there tomorrow, as well as a crypto pay app which integrates into the current financial system and allows cryptocurrency to fiat payments to be made easily. We have a cold storage hardware unit which will also assist in creating very strong security for customers.
Baanx is very different, we create a financial app marketplace for the use of an initial 100+ crypto banks, we want to build a cryptobank network to rival traditional banking and deliver great success – a bank in your pocket, where banking meets crypto.
How does Baanx intend to avoid the inefficiencies and high fees associated with the traditional banking system?
Baanx is built from the ground up with a blank sheet of paper, this allows huge opportunities for the greatest efficiencies possible.
Traditional banks have been building their IT systems for decades, most of them don’t talk to each other properly, are inefficient, slow and hard to upgrade due to the size of the systems, their international nature and the enormous strains they are put under on a daily basis during banking operations.
We are utilising Blockchain to create fast, efficient transactions – we have no borders and will be growing the Baanx network internationally, so achieving maximum effect and results from this business model and technology.
Baanx not only has the highest grade security, however we are able to create efficiencies through automation and AI and really streamline our operational hiring – we have a plan which includes robo-advisors to minimise customers services costs and deliver many of the intelligent services required.
Our open API means 3rd party developers are incentivised to create a lot of the crypto financial apps we need to grow and bring innovation to the crypto bank network through the Baanx ecosystem and platform. One of our team has been integral in building the open banking protocol within the UK for the traditional bank sector – so this is something he is very skilled in delivering and will be superbly compliant and viable.
There are huge advantages to having a bank in blockchain or hashgraph – so it is very exciting to be at the forefront of this innovation and not only create 1 Cryptobank, but an entire Cryptobank network which challenges the dominance of traditional banks through a decentralised ownership model – effectively down the line we hope all bank customers can become bank owners if they wish to.
How does Baanx intend to address the cryptocurrency community’s concerns about financial regulations that often prevent “the unbanked” from being able to access financial services on an equal footing with everybody else?
Baanx breaks down the difficulties associated with getting a bank account, our mobile first technology focus allows a greater level of access across the world. KYC is easier as we can use verification by other customers for those without Identification documents and plan on having huge engagement with the unbanked through Baanx’s ability to allow new Cryptobanks to be created quickly and easily – these Cryptobank brands can then focus on delivering special services to parts of the world where there are opportunities, such as micro-loans in India – or a regulated financial services product for almost any purpose. Baanx reduces the time to enter and the cost to enter for all new Cryptobank and Crypto-Financial Services entrants into the market.
It is very exciting to see how much you can change through the ability to create a Cryptobank technology framework to release multiple Cryptobanks easily and quickly, all sharing the same core technologies, sharing licenses, and yet managed through a rule based system utilising smart contracts, blockchain and automation. All our back office operations and the elements of running a Cryptobank and Financial Services are managed via automation and AI in order to minimise the potential for damage from a bad actor and to ensure our regulatory requirements are followed completely – a Cryptobank needs to choose how their bank is setup, choose apps from the financial app marketplace and then simply locate customers in the simplest form – growing their Cryptobank services from a position of strength instantly.
Could you tell me a little about Baanx’s ICO?
The Baanx ICO Pre-Sale is starting on the 24th May. In total we are looking for $36,850,000 in order to achieve all the goals of the project as quickly as possible.
We have raised $2.5m so far and have considerable levels of funding in discussion with purchasers currently – all is going very well and we are excited about the future of the project and its delivery.