Baanx Intends to be the World’s 1st Cryptobank as None Exist Currently

4 min readOct 27, 2018

Present-day financial services mainly consist of financing, investment management & advisory, trading and insurance. When it comes to trading and financing, the current financial system lacks in efficiency and transparency. The market entry complications that are facing investors and the service fees that they are charged are quite substantial, which is why some of these investors get discouraged from actively participating in the current market. Additionally, smaller investors get overlooked in favor of bigger and wealthier investors and thus, combined with the lack of trust in the markets that increased after the 2008 crisis, the global financial market is prevented from reaching optimal efficiency.

Market Issues

Limited amount of banking services.
Limited selection of financial instruments.
Difficulties with converting cryptocurrencies to fiat.
Challenges in working with cryptocurrency exchanges:
- Exchanges crash during peak loads.
- Issues with registering and passing verification.
- Fund withdrawal limits.
- Big losses due to hackers attacks.
A near full absence of cryptocurrencies being utilized as a means of payment.
Absence of insuring trades and transactions.

All of these factors act as serious barriers, which can impose a limiting effect on the development of the cryptocurrency market, as well as the mass use of cryptocurrencies.

The Vision

Baanx, with their OpenAPI make it easy for new FinTechs and any community or brand who want Crypto services, to launch by “sharing” our bank licenses. This will create a Cryptobank network to eventually replace Traditional Banks in size and ease of access.
Baanx distributed Cryptobanks will accelerate the adoption of Crypto with services such as: Insured Wallets, Crypto-Payments anywhere debit/credit cards are accepted, multi-exchange integration, Crypto Merchant Services, OTC Liquidity Exchanges, Lending, Investments and other Cryptobank services offered by 3rd party Fintechs.
Fintechs with unique and innovative products will be able to launch them fast and securely through our Baanx OpenAPI. The rapid deployment of these ‘financial apps’ will create a vibrant marketplace.

Baanx Target

Baanx intends to be not just the World’s 1st Cryptobank network sharing bank licenses, but they are in a race to be the world’s 1st Cryptobank as none exist currently.
The market opportunity is huge and it is important that we grow key services you would expect from a traditional bank, yet do this better and with the addition of Cryptocurrency functionality.

Baanx Introduces its First Product Releases

Multi-exchange Services

Baanx, via Baanx OpenAPI platform will have a single Baanx user interface to access multiple exchanges for user convenience.
Baanx aim is to partner with exchanges that offer: Super-fast transaction speeds even with enormous volumes
Low Fees (0 Fees for BAANX BXX) and very low spread to ensure customers have the best experience.
Integrated liquidity across all brand releases by partnering with existing exchanges.
Agreements in place to create liquidity from day 1.
Protection from both external and internal theft exceptionally high, full cryptocurrency insurance will be offered against hacking and non-fault theft as with Baanx wallets.

Highly Secure Wallet

Insured Crypto-balance, just like Traditional Banks using Fiat currencies, you are covered against theft, hacking and non-fault events.
Secure integration and mobile app encryption links to both Public and Private Cryptocurrency Blockchains to ensure the most secure mobile wallet in the marketplace.
Clear, easy to use mobile application, with full integration into Crypto-Pay and Exchange functionality with simple, clear balance information and easy send/receive elements.
Cryptocurrency is safe for the first time with Baanx security experts and guarantees.

Mobile Crypto Payment Operations Through Virtual Card

Fast, easy to use Mobile Payments for Crypto and Fiat, listing 12 key Cryptocurrencies and 6 Fiat Currencies.
Crypto payments are converted to Fiat (USD/EUR/GBP) at the point of sale using our intelligent app.
The Crypto-pay first version integrates completely into the current payments system globally to ensure no merchant has to take cryptocurrency until they have the infrastructure for this capability in place around the world.
Mobile integration into ApplePay, AndroidPay, AliPay so we can utilize the NFC capabilities of smart phones worldwide and ensure release of Baanx product in 2018.
Customers can pick any of the crypto or fiat currencies to lock to their virtual card, or have multiple virtual cards with connections to each crypto or fiat currency to use for different purchases.
You can pay in 45 million merchants using ApplePay, AndroidPay, Alipay — or use your virtual card number to spend cryptocurrency online too.
Low Payment fees made in BAANX BXX for each transaction are charged between 0.1 and 0.5% of the total transaction.
No limit payments will be enabled and full cryptocurrency balance insurance against hacking offered in a highly secure mobile app environment, utilising encryption software to protect against non-authorised access into our mobile code.

Finally

Traditional banks are ill adapted to deal with cryptocurrencies for a multitude of reasons and this opens up the opportunity for new types of Blockchain based Financial operations who are faster, less expensive, and more flexible to take market share from traditional Banks and Financial Services players, who are slow to adapt.

✅Website: https://baanx.com/
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✅Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3052592.0

Author of the article:

✅Bitcointalk username: Erik_Smuel
✅Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2020517
✅My Ethereum Address: 0xA009D96EFB69bC8e328d43c4d18dd9B6d7422BC8