MEXC Global
Published in

MEXC Global

AMA Session with Sean Salloux from Baanx (BXX)

Guest: Sean Salloux, CRO of Baanx
Host: Iris of MEXC Global

Introduction:

Iris: Today, we’re honored to have Sean Salloux, CRO of Baanx, to our community to give us a more intuitive introduction to their unique project.

Sean, welcome. Would you like to say hello and introduce yourselves?

Sean: I am Sean Salloux Chief Revenue Officer of Baanx and a co-founder.

I worked at Gemalto — pre-IPO in 1999, and did some of the first e-wallets for Mastercard and Korean & Japanese banks in 2000

Gemalto is now Thales. Also helped them acquire the HSMs that are the underpinning of all crypto and blockchain. Gemalto (now Thales) is the biggest in the world by market share….did mobile banks, Fintechs, mobile security….. Have been running FinTech related companies for the last 15 years.

Questions about the project

Q1

Iris: What is Baanx? Can you share with us more in detail?

Sean: Sure! Baanx is a crypto-as-a-service fintech platform — our mission is to be “better than a bank”

We are B2B, so our clients are communities who offer our services across- crypto friendly debit cards, interest free lending, remittance, exchange and wallets, etc.

Our clients are: people like Tezos, DeFi’s, wallet providers, exchanges, social networks, etc.

Baanx operates globally, in particular in the UK and Europe, with a launch in the US with large partner communities later this year.

We have a UK credit broking license, and access to EMI (Electronic Money Institute) licenses in the UK & EU. We can officially issue crypto friendly Visa, Mastercards, and China Union Pay cards. Our wallets (cold storage) are insured to $100m.

Iris: Awesome. 🔥 Baanx all over the world👍

Q2

Iris: What triggers you to launch Baanx? What are Baanx’s unique selling points as compared to other similar projects in the industry?

Sean: We are expanding rapidly and are over 50 FT staff. I had been part of the mobile banking/ e-wallet world since early 2000. In 2017 the tech was available- including e-wallets, but banks were not allowing anyone to hold, spend, crypto. We got angry, and then got busy building Baanx.

I now see major players like JP Morgan, PayPal, Mastercard, Visa, and Central Banks, and many, many other ‘old school’ financial institutions joining the party. And technology is being adopted fast.

Iris: Yeah — that’s true

Sean: Digital asset/crypto adoption is happening faster than the internet adoption, according to experts, and things like crypto lending is growing at 100%/every 3–4 months. Our vision it to be ‘better then a bank’

BXX Unique Selling Proposition (USP) answer this question:

  • Interest free secured lending levels — up to 50% LTV on BTC & ETH — we invented this in early 2021!
  • Instant approval in the click of one button
  • Instantly start spending your loan on a virtual card
  • Baanx.com Ltd is registered with the FCA and utilizes a lending license.

We will be launching additional services, all powered by BXX, including high rate savings, staking, and rewards. The more BXX you hold, the lower cost, till its free.

How are we different from others in the market? Competitors are relatively new to the market and few have been around for more than a couple of years. Baanx is one of the only lenders that:

  • Is NOT owned or controlled by an offshore entity.
  • We are regulated and based in the UK
  • Offers ‘free’ lending & free debit card with every loan.
  • Instantly spend your loan online via a virtual card, Apple or Goggle pay, or
  • Withdraw cash at any ATM worldwide that accepts Mastercard and Visa.

Iris: sounds really convenient and handy👍

Q3

Iris: What are some of the challenges that Baanx currently faces? How do you aim to solve them?

Sean: Many challenges…but all good! The goal: “Better than a Bank” and “Better than a Banking Platform” naturally makes sense to anyone — and whilst our platform is complicated technically in the backend (integrating into the Fiat Financial World and bridging Crypto / Blockchain) our goal here is to simply be better than banking

The challenges are that other regulated entities and govt. Are slow to adopt these new technologies that smash the old business models of charging a lot of bank fees to hold, move, and spend your own money.

We want to change that….but it takes time and never moves as fast as we would like! We have 2x in size in the last 12 months, and not being able to meet all our new team as we grow has been a new challenge that we all face.

We will be close to 100 team by end of the year, and most I will never meet face-to-face. That is a first.

Iris: Wow! Looking forward to that!

Sean: Our goal is to raise adoption levels and generate revenue from BXX staking, (card scheme rewards), exchange services / add on services and ensure we do all we can to engage users (through our partners). We are choosing only strong partners with big, engaged communities.

Finding the best partners globally is always a challenge- with so many new DeFi’s, wallet providers, exchanges as our customers, many have only a few years track record, so we choose carefully.

Q4

Iris: Are there any exciting news or updates with regards to Baanx that you would like to share with the users?

Sean: Yes, definitely. A lot of things happening, details we will be announcing soon.

Here’s what we are planning to achieve further this year:

  • Establish Baanx as top solution provider in the crypto space globally. Mastercard, Visa, China UnionPay physical + virtual cards, by rolling out to our 20+ signed customers
  • Launch 2 customers (already signed contract) in the USA in Q4 who have over 10% of the world’s BTC in their wallets. Including free lending which is BXX powered.
  • BXX- we invented ‘free’ crypto lending in early 2021, so we would like to be recognized as the leader and ‘powered by’ inside of top wallet, DeFi, exchange providers.
  • Raise our profile in Asia by- rolling out to our 3 signed clients there, and signing 2–3 more large leading Asian clients. Office in Singapore.
  • Office in USA & Middle East.
  • Pass 500k user mark

Iris: Keep expanding 🚀

Sean: And, of course- we launching the Tezos Crypto Life App (with Tezos) a few days/weeks- will have free lending, free cards (physical+virtual), ect.

* IN a few days/weeks!

That will make international headlines ;)

Q5

Iris: If you were to summarize your project in ONE word, what would it be? Why?

Sean: ‘Bridge’ as in, “ Bridge from fiat to crypto, and back.

Iris: Great choice 👍

Sean: And #2nd word would be ‘Free’….that is our goal.

Free-asking Session

Q1. In the future, can we expect Baanx (BXX) to create agreements with various projects/platforms/protocols? Could you offer us some instances of how Baanx (BXX) can be used in other projects ?

Sean: Excellent first question! (and you beat the rush). We are partnering with Tezos but many other protocols- to exchanges, DeFi, wallet providers.

All confidential, till they launch, but I can say- a few top 20 protocols, and tokens. And one of the world’s largest wallet providers.

Also some ‘traditional’ tech/payment services companies are working with Baanx to expand into crypto and take it more mainstream for their global customers. Many are big, household names….

Q2. Recent cases of some projects did rug pulls and took people’s money away. How can we know for sure that Baanx will not do this?

Sean: Trust is very important to Baanx. We want to be here for the long term, and be a global player. 1) We are UK based, and regulated by the FCA (UK Financial Conduct Authority) with a Temporary Crypto Registrations, agents of EMI license in UK and EU, and all user fiat (cash) is held by regulated entities. Our team has over 150 yr. of banking experience, and some are licensed by UK Govt…..For example, our CCO/CFO, Mark Evans has held similar positions at Commerze Bank, UBS, JP Morgan. Our staff had senior positions at CEX.io, BitPay, Mastercard, etc.

We are here for the long term to build a top B2B.

Reading to find a third…so many good questions….

Q3. How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates??

Sean: Subscribe to our social media to stay up to date with the listing and other information in the days and weeks to come:

Twitter — https://twitter.com/Baanx_BXX

Telegram Community Chat — https://t.me/Baanx_BXX

Telegram Community Asia — https://t.me/Baanx_BXX_Asia

Facebook — https://www.facebook.com/Baanx-BXX

Medium — https://baanx.medium.com/

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
MEXC Global

MEXC Global

Founded in 2018, MEXC Global is a centralized exchange that employs a high-performance mega-transaction matching technology. Visit us at https://www.mexc.com/