BABB in Asia: Insights from the Far East and Southeast Asia
BABB is touring Asia
We attempt to catch up with the work of one of our partners, BABB (Bank Account Based Blockchain), whose team has been in Asia on an extensive road tour since early this month.
Beginning with an appearance at Bixpo’s Global Startup Battle on November 2 in Seoul, South Korea, the BABB team, led by founder Rushd Averroes have participated in Finovate Asia and the 2nd Annual Blockchain Conference in Hong Kong, the Blockchain and Cryptocurrency Conference in Tokyo, and are currently at the Singapore Fintech Festival.
Naturally, they got to show off their idea on stage and even led panel discussions on P2P lending, promoting the BABB cause of allowing “everyone to be a bank” via a blockchain-based mobile banking app. Those following their social media had the opportunity to tune in to live feeds, and even join the meetups organised in each city.
The meetups and discussions proved to be quite revealing, as BABB notes in their Medium blog. Here are some of the key points brought up from Asia:
1. The Asian interest is firmly on cryptocurrency
It’s difficult to foresee what kind of environment will exist for cryptocurrencies and token generation events like ICOs, with the Chinese bans on exchanges and Japanese regulations coming into effect only months ago. Yet the general outlook from advocates and enthusiasts is that only good news can be expected in the months and years to come.
With South Korea rumoured to be the next to restrict exchanges, it appears that Japan’s legal recognition of Bitcoin could mean that all crypto roads from Asia may soon lead to Tokyo.
While the BABB solution is only focused on using fiat with blockchain tech (as opposed to incorporating digital assets and crypto), the strengthening of altcoins across the board — owing partly to the collapse of Segwit2x and Bitcoin Gold’s stuttering start — is seen as encouraging news for the BABB token sales that launches over the next few months.
2. Blockchain is maturing in Asia, ICOs are still big
BABB notes how quickly the disruptive tech that is blockchain has been embraced in East and Southeast Asia, with supporting services now entering the space formerly dominated by start ups and new tech enterprises.
ICOs itself seem to have carved up a sector in their own right as a venture capital vehicle, with more than half of conference participants providing specialist services targeted at ICO launches, including PR and marketing, and consultancy firms.
In this regard, BABB received a great deal of interest from traditional VCs, believing that participation in ICOs is the best option for start up investments.
3. People are very curious about BABB
The top questions asked to the BABB team in South Korea regarding their products were recently answered on their Medium blog post here.
It reflected huge interest from a lot of people still new to the concept of blockchain and BABB speaks to them at the most relevant level: cheaper, faster, more secure transactions where users are in full control of their own funds and never need to trust an intermediary again.
And because BABB is already recognised in the UK as an authorised payment institution, and is currently applying for a banking licence, users are provided the assurance of transacting in a free, yet regulated environment that protects the safety of their funds.
Want to chat with the BABB team in person during their meetups? Get in touch with them through their Telegram channel for live updates at http://getbabb.com/telegram.
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