Baanx is a platform that will allow qualified users to establish their own cryptobank — bank for cryptocurrencies — without the onerous licensing and large investment needed for traditional banking. The company is also issuing its own cryptocurrency, the BXX token, which will be used internally within the platform and will entitle owners to vote on some of the company’s internal decisions.
The BAANX Team
Baanx’s team has several decades of experience in the financial tech industry, including software developers who have worked with major credit card companies. The company has received coverage from many online publications devoted to cryptocurrencies, but it has not yet gained a large following on social media aside from its very active Telegram page.
How BAANX Smart Blockchain CryptoBank Network Coin Works
Baanx’s product is a platform that will allow companies to create their own cryptocurrency bank with relative ease. Depending on the services they’re able to provide, companies can create their own banking app to market as they wish. The company aims to offer software to support a wide variety of banking services, including lending, savings, investments, and even debit cards that can be used in brick-and-mortar establishments. The platform will also feature support for cryptocurrency services like wallets and exchanges, and even an API for third party developers.
Baanx aims to lower the barriers of entry for startup banks; their whitepaper notes that internationally, banking is traditionally controlled by a very small number of people and companies, and national laws require initial investments of millions of dollars to legally operate as a bank.
Baanx’s plan is to secure these licenses itself and allow startups to operate through them; it requires prospective companies to undergo thorough identity verification in compliance with anti-money laundering laws, and satisfies licensing requirements through a shared smart contract. The company ultimately hopes to use this innovative model become a powerful advocate for decentralized banking.
Baanx will offer three levels of access to its platform: free basic access for smaller businesses and charities, a more involved setup to support more complex services, and outsourced access to cryptobanks that operate outside the platform but use some of its services.
The company is still far from releasing its product: it will begin accepting user applications by the end of 2018, and release an initial version of its platform in 2019. A license to operate in the United States is even further away; the company’s roadmap notes that this will likely not happen until 2020.
BAANX BXX ICO Details
Baanx’s pre-ICO sale will begin on March 14th, 2018, with its full ICO beginning on April 8th. Pre-ICO customers will receive a 25% discount, but they must register in advance, and these customers will be kept to a 10,000 Euro limit during the first 48 hours. The company is hoping to sell 200 million BXX tokens during the pre-sale, and 500 million more during the ICO; it is ultimately hoping to raise 62.5 million Euros by the end of the ICO in order to secure banking licenses in its targeted jurisdictions. The company says it will accept a variety of both fiat and cryptocurrencies during its ICO.
The BXX token will be intrinsically important to Baanx’s platform: all transactions within the platform will use BXX tokens as an intermediary. Thus, the popularity of the platform will directly influence the value of the currency.
Token owners who own over 20,000 BXX will be entitled to receive their share of 20% of the company’s profits; the company does not mention how often these payouts occur. Owners will also have the right to vote on some of the company’s decision making, including bylaws about requirements to operate a cryptobank.
In addition to its ICO, Baanx mentions in its whitepaper that it is planning a more traditional IPO in 2019 or 2020. The company hopes to be traded on the London Stock Exchange and secure even more funding to further pursue its goal of becoming the world’s premier cryptobanking platform.
BAANX Verdict
Baanx has a very interesting idea, but since it’s completely without precedent, it’s difficult to determine demand for such services. Complying with banking regulations in so many countries could prove difficult, though the company seems to accepting the challenge with gusto. Investors should observe the popularity of the platform before buying the BXX token.
Website: https://baanx.com/
Technical documentation: https://images.fxempire.com/ico/whitepaper/baanx-whitepaper.pdf
My BCT account:https://bitcointalk.org/index.php?action=profile;u=1468991
MEW: 0xdB42ECa68579c34D3BeEd235Ba5e11fbc8be0609
