Baanx
Banking is a much-maligned but indispensable institution. Banks provide a wide array of financial services without which the modern economy would simply collapse. However, the way in which they provide those services is often deeply flawed. Their operations tend to be slow, costly and unwieldy. Most banks have been tardy in making full use of the latest advances in financial technologies that could help them streamline the way they work.
Cryptocurrencies have often been perceived as mutually antagonistic with banking in the past. Recently, though, that is starting to change. Banks are increasingly interested in becoming involved with the cryptocurrency boom. At the same time, there is a growing demand for more sophisticated financial services within the cryptoindustry. But given their chronic problems with adapting new technologies and the distrust they have incurred, it is unclear that traditional banks will be able to fill this need.
The Baanx Group offers an alternative. While its blockchain-based platform is meant to answer many financial needs, the centerpiece of its approach is the development of a comprehensive and versatile cryptobanking solution that could be used by third parties to develop their own banks on the platform.
How will the Baanx platform work?
Baanx intends to roll out its platform over multiple stages. Its initial released product, accessed through a mobile app, will feature a thoroughly secured and insured cryptocurrency wallet, a payment system integrated with existing mobile payment options (including digital cards) and capable of using 6 fiat currencies and 12 cryptocurrencies and an interface that will allow users to access multiple external cryptocurrency exchanges. Subsequently, Baanx hopes to offer a variety of lending and retail finance services and a marketplace for third-party financial apps that would take advantage of its open source nature. It also plans to streamline its operations through AI-assisted automation and develop a cryptocurrency credit card.
Once the main platform's design is firmly in place, Baanx will be able to make its most intriguing and ambitious offer: a white label cryptobank opportunity. Businesses and other organisations that pass the company's vetting process will be able to open new cryptobanks on the Baanx platform and using the Baanx software but under their own brand. Particularly successful banks will then be able to upgrade to more advanced versions with a greater choice of options, such as what Baanx and third party options to allow and what terms to offer to their customers. Some of them could then acquire their own banking licenses. Those companies, as well as already licensed banks, will become eligible to set up their own fully autonomous and customisable cryptobanking platforms on the basis of the Baanx system, hosted on separate cloud serves on Baanx.com.
BXX tokens will be used by the clients to pay assorted transaction fees; some share of the fees from clients in hosted partner banks will go to their owners. BXX could also be used to pay for the use of third-party services and make interest payments. Additional BXXS “loyalty tokens” will be given out at a later point based on the number of BXX used in transactions on the network; they will be refundable for a BXX bonus on a monthly basis.
What makes Baanx a likely prospect?
The Baanx Group is well-positioned to take on the challenge of dragging banking into the blockchain era. The company, which started as Optimal Search Ltd in 2014, has a fair amount of accumulated experience in both banking and fintech industries. It understands that the most important aspect of banks is their reliability, and does not skimp on protecting all parts of its platform. The design of the platform emphasises scalability, allowing new exchanges, services and partner banks to be added and expanded seamlessly.
Baanx is also prepared to cast its web wide to attract new partners, including existing banks, various businesses and charities that could be interested in starting their own cryptobanks to help their their respective client bases, and fintech companies that would benefit greatly from having an accessible platform. Crucially, Baanx already has a banking license in the United Kingdom, where it plans to start its operations before expanding all over the world. It also has credible partners, such as PricewaterhouseCoopers, Hewlett-Packard and Cisco Systems.
The vanguard of a new model of banking
Finance as an industry is in the midst of a dramatic transformation fueled by new technologies, and banking is in the middle of it. The adaptation of blockchain technology seems like a sure bet in the long run, since it provides a way to vastly improve the quality of customer service and other operations. Likewise, the integration of cryptocurrencies with mainstream financial techniques and institutions appears to be a matter of time, and in the light of recent developments may come sooner rather than later.
Baanx has its eyes set on an ambitious goal: to establish and embody a new model in banking, by letting different brands use its innovative design and its platform for their own operations. It anticipates the processes mentioned above and seeks to place itself at the head of the pack. Provided that the cryptocurrency boom continues, and the company is able to successfully implement its complex, many-stage development plan, Baanx may become the basis for a new and improved form of banking.
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Author: kawasan