Baanx Creates a Cryptobank Network to Eventually Replace Traditional Banks in Size and Ease of Access

5 min readOct 20, 2018

Cryptocurrencies have experienced high global uptake since early 2015 and are expected to reach critical mass over the next five years.
As per February 2018, there are more than 1500 cryptocurrencies listed and traded on 180 crypto- exchanges. Currently ≥ 6 million people in the world use Cryptocurrencies everyday. That figure is expected to rise to as many as 580 million people, or 7.25% of the world population by 2022, as more and more households and people are discovering the power of going beyond fiat currencies. Deloitte even predicts that up to 25% of the world will use Cryptocurrency by 2025.

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 Goals

The goal is to ensure that everyone has access to full-service cryptocurrency banking services they need in the years to come and delivered as quickly as possible, while encouraging worldwide adoption of crypto in personal and merchant services.
Through Baanx decentralised growth structure they can expect rapid adoption of Cryptobank services throughout the world.
Utilising Blockchain technology and being a decentralised Crypto-Financial Services and Cryptobank Network, Baanx.com will be able to offer secure, faster, better, cheaper full-service banking, payments, deposit, investment and lending services, as well as better returns on savings.
Baanx has started building a secure blockchain bank from the ground up, with a ‘mobile first’ approach, and offering the products and services from the best Fintechs from around the world, in order to take banking into the 21st century.

Baanx Services

Baanx.com is growing cutting-edge services through the Baanx brand and CryptoFinance Network. Baanx.com has already developed key initial products and arranged licensing deals for many others, to ensure rapid scale-ability of the platform in Q3/Q4 2018, with the following key customer benefits:

Lower costs of operation for Baanx than Traditional Banks mean cheaper Banking services for customers, more efficient and faster through key improvements.
Savings passed on to end Customers
Artificial Intelligence & Automation (Robo-advisors & intelligent systems in place).
Private Blockchain based banking on a global scale is cheaper to run, easier to manage and better for customers.

The Platform

Baanx platform consist of many elements:-

Mobile Wallet
Fast exchange
OTC
Crypto-Pay
Crypto-Credit Card & Lending
Baanx OpenAPI

Advanatages of Baanx Platform

Hold Cryptocurrency hassle free, without fear of loss or theft. Baanx is the first insured Crypto Wallet enabling total protection for users and guaranteeing a users’ full balance.
Cryptocurrency Secure Custody avoids the need for hard to remember and complicated private key access problems. We keep it simple and keep it safe. Using KYC we can get you back into your account if you lose access and allow institutional buyers to hold crypto positions securely.
Fast Remittance — Breaking down payment barriers. Within Baanx accounts money transfers are virtually free, small charges in BAANX BXX tokens for worldwide movements of funds.
Spend Cryptocurrency anywhere with very small fees in BAANX BXX Tokens (0.1–0.5%), Crypto transferred to Fiat at the point of sale to be used in any online or off-line merchant through your mobile.
Access top multi-exchanges through our Exchange integration functionality with BAANX BXX Tokens. Ensure you are buying or selling Crypto at the best market prices available and with either no charges, or the smallest charges possible — all from our easy to use mobile application.
Save Crypto with ease, whether you want to set a monthly amount, or are simply hodlin your coins you can ensure saving is simple, safe and ultimately will allow great interest rates.
Future development is allowing sending Crypto & Fiat currency to other app users for free, using just their mobile number
Future development allows opening your own Cryptofinance brand easily to promote to your loyal brand followers, access an easy to understand dashboard showing you how well it is going and growing.
Future development is creating an Open API for a Fintech app marketplace, where 3rd party developers can deliver their applications easily and safely to a large number of Cryptofinance and ultimately Cryptobank brands to engage their users with their own apps.
Ability to spend Crypto throughout the world using the Baanx App and all Cryptofinance and Cryptobank apps.
Growth and Development of a full suite of Baanx banking services across Deposits, Lending and Investments as user levels and numbers of Cryptofinance brands and Cryptobanks expand in the network. We challenge global traditional banking with a Blockchain revolution.
Ultimately we want to finish with a stand-alone full ecosystem where qualified users can become Cryptobank owners by sharing bank licenses for very fast launches. Releasing approved financial products to their customers and grow their own regulated Cryptobanks with all operations managed by automation and AI, but keeping customers safe with smart contracts. A revolutionary decentralised bank structure — where users can be owners.

Management of The Operation

As partners joining the Baanx OpenAPI network, back office operations they are fully managed, automated and cannot be breached.
There is no chance a Cryptobank partner/operator/ app can tamper with customer funds due to smart contracts as well as key automation & AI operational systems which ensure they have no visibility or control of privileged and critical information.
The operation is completely managed in the White Label Cryptobank and Bespoke Cryptobank. It is only if they have their own financial licenses they are able to have some autonomous control of back office specific customer operational transactions.
As back office operations are managed, automated and cannot be breached by Cryptobanks, it is a question of setting variable criteria and letting the Baanx.com AI do the rest.
The operation is completely managed in the White Label Cryptobank and Bespoke Cryptobank by the Baanx AI and automated algorithms.

Finally

Baanx has a strong vision, a sound business model, and a hugely talented team with the experience to run and grow a business very fast with our Banktech and Fintech product suite. They have the necessary licenses and partnerships with key technology firms to grow the users for the products seen.

✅Website: https://baanx.com/
✅Whitepaper: https://baanx.com/request-whitepaper
✅Twitter: https://twitter.com/baanxcom
✅Facebook: https://www.facebook.com/baanx.io/
✅Reddit: https://www.reddit.com/r/BaanxICOLondon
✅Telegram Group: https://t.me/Baanxcom01
✅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