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Baanx x Satoshi Club AMA Recap from 8th of September

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Baanx and our guests were @SSallouxBXX — representatives of Baanx. The AMA took place on the 8th of September.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Gold Rocket | Satoshi Club:
Hello again, dear Satoshi Club!

We are pleased to announce AMA with Baanx

D. | Satoshi Club:
Hello, everyone!

Gold Rocket | Satoshi Club:
Today our guest is @SSallouxBXX

D. | Satoshi Club:
@GoldRocket27

@SSallouxBXX hello and welcome to Satoshi club!

D. | Satoshi Club:
How are you doing today?

Gold Rocket | Satoshi Club:
Today we are warm and sunny. I enjoy golden autumn

And what about you?

D. | Satoshi Club:
Happy for you!

Gold Rocket | Satoshi Club:
Yep

D. | Satoshi Club:
I have a fantastic mood.

Sean Salloux:
Doing great. Keen to answer your questions.

Hello Satoshi Club

D. | Satoshi Club:
awesome! let’s start our AMA with a brief intro!

Gold Rocket | Satoshi Club:
Nice to e-meet you, @SSallouxBXX

Welcome

Gold Rocket | Satoshi Club:
Let’s start! Introduce yourself, please. How did you get to be involved in crypto & Baanx
Tell us please about your position in Baanx.

Sean Salloux:
I’ve spent the last 25 years developing fintech products and leading global tech companies at the VP, board, and C-suite levels. Played key roles in developing and launching two unicorns in their early startup phases: Vungle and WorldRemit. Launched the world’s first e-wallet on a credit card back in 1999 for MasterCard and in collaboration with major Korean and Japanese banks. Since then, I’ve launched mobile and digital products for several global financial players including Gemalto, MasterCard, WorldRemit, and others.

I was involved with e-wallets and HSM (Hardware Security Modules that provide the backbone for wallets, multi-psig, etc.) starting back in 1999.

Gold Rocket | Satoshi Club:
Wow! great path for a great man

D. | Satoshi Club:
Agreed!

Gold Rocket | Satoshi Club:
Give us a brief introduction to the project. What is the essence of Baanx.

D. | Satoshi Club:
@SSallouxBXX could also give us info about Baanx team, who’s behind this project except you?

Sean Salloux:
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 — free lending is of course better, free-spending of Crypto/Fiat/Stablecoin is better when we give rewards that are bigger than banking, and free remittance beats anything of course.

Our goal is to raise adoption levels and generate revenue from BXX staking, interchange (card scheme rewards), exchange services / add on services, and ensure we do all we can to engage users (through our partners).

Gold Rocket | Satoshi Club:
This is really what crypto is missing today. Except for El Salvador, of course,

Sean Salloux:
The current team, as well as advisors, are highly experienced Banking, Technical, and FinTech individuals who are all on-board with the same mission. We have a team of Leaders who have over 100 years of Bank and Fintech experience and background in Banking at key institutions such as JP Morgan, Commerzbank, Mastercard, and many others.

Gold Rocket | Satoshi Club:
Is your team anonymous?

Sean Salloux:
This is very important when bridging the current banking system with the Crypto as a service.

No. You can find them on the website (https://www.baanx.com/about-us) and in the whitepaper (https://global-uploads.webflow.com/5f7ac868eff61848f2194913/60dec119911703447b1cf11e_Baanx.com_white_paper_2.0.4.pdf).

Gold Rocket | Satoshi Club:
Thanks for sharing

And thanks for great introduction, we will have several questions selected for the Part 1. Ready to start?

Sean Salloux:
Yes.

Ready for your questions.

D. | Satoshi Club:

D. | Satoshi Club:
I have learned that Baanx was established three years ago, back in 2018. Trends and use-cases of cryptocurrencies and smart contracts back then were different compared to what we have today. May I ask during the early stages of your company/group what was your mission and goals for Baanx’s future? Did your initial products, services, and roadmap change as crypto progresses through the years? Why did it take almost three years for you to fully implement working products for Baanx?

Sean Salloux:
We launched our first product in 2019- Sep. 2019 we launched one of the world’s first crypto-friendly Visa cards.

We have evolved with the market by launching additional products and services.

Gold Rocket | Satoshi Club:
indeed flexibility in the volatile crypto space is very good quality.

Sean Salloux:
We are now working with DeFis and launching Tezos Crypto Life app later this month. Tezos is big into NFTs.

Gold Rocket | Satoshi Club:
Very interesting. Please tell us more about this!

Sean Salloux:
Products include:

  • Full Whitelabel mobile app (wallets, exchanged, text bit & Cards)
  • Retail end-user IBAN’s
  • Corporate IBANs & Bank accounts
  • TextBit (allows users to send crypto via SMS)
  • BTC Proxy gateway
  • Fiat on off-ramps
  • Lending
  • Wallets
  • OTC Trading

D. | Satoshi Club:
‘- TextBit (allows users to send crypto via SMS) ‘ — this is what i want to try it

Sean Salloux:
And branded & unbranded cards.

Gold Rocket | Satoshi Club:
Real Crypto Gentleman’s Kit

D. | Satoshi Club:
Yeah!

Sean Salloux:
In days we are going live with ‘free’ secured lending — up to 50% LTV on your crypto when you stake BXX.

Gold Rocket | Satoshi Club:
Sounds good.

Sean Salloux:
Everything is customizable for our client’s needs

We can proceed.

D. | Satoshi Club:
Let’s do it!

Q2 from Telegram user @DK177
You have mentioned that your card has global cash access. However, it seems that the card supports EUR and GBP only. Does this mean it can be used only in the countries where these currencies are used? Then why do you introduce it as a global card? Do you have any plans to introduce more currencies in the future?

Sean Salloux:
It is global because you can use in over 70M places MasterCard and Visa are accepted. The Native currencies are Euro or GBP, but when you spend, there is no FX fee, so it is same as spending in your native currency. Of course, this is customizable for our B2B clients, so they can choose up to 5 ‘native’ currencies. We are rolling USD native cards later this year for a big USA client…

D. | Satoshi Club:
Which countries are you supporting now? where people can get and use your card?

Gold Rocket | Satoshi Club:
How is it regulated by law? are there any nuances that your users should know

Sean Salloux:
To confirm though, our cards can be used and spent anywhere in the world

D. | Satoshi Club:
Nice!!!

Sean Salloux:
We have clients in USA, EU, UK, Asia… And they all want something slightly different, but our white-label platform is very flexible.

Gold Rocket | Satoshi Club:
Thanks for clear answer

Ready to proceed to the next question?

Sean Salloux:
We are listed on the Temporary Registration regime for crypto asset businesses with the FCA (UK Regulator) and are part of Baanx Group Ltd, operating Fintech services which utilise (EU & UK Regulators) an EMI license and a Credit Broking License. We are UK HQ and based (not offshore like many competitors).

Gold Rocket | Satoshi Club:
It is really worthy of respect and trust of your users

So do you want to add something? Or we can jump to the next question?

Sean Salloux:
Card use is spelled out in the T&C and on our/all our client’s websites too!

And we are the 3rd biggest shareholder (just announced!) in a USA Bank — Maxwell State Bank that is USA regulated.

Maxwell has been FDIC certified since 1943 for insured deposits.

Next.

Gold Rocket | Satoshi Club:
Amazing!

D. | Satoshi Club:
https://news.bitcoin.com/baanx/

Sean Salloux:
Yeap, that’s it.

D. | Satoshi Club:
Awesome news

Appreciate for great answers! ready for the next question?

Sean Salloux:
We have some big USA and global customers coming out with 4M+ users… and secured lending is powered by BXX. That is why we are expanding into USA with this acquisition/investment.

Gold Rocket | Satoshi Club:
Seems to be a successful strategy.

Q3 from Telegram User @Rotoxy
I am usually skeptical about emerging coins with high interest rate on staking because it is an easy target for whales. Accordibg to your whitepaper, 18% of your total supply will be distributed to $BXX stakers over a period of 5 years and up to 10% of all network fees will be equally distributed to all loyal token stakers. How are staking exercise done? What are the APY that that you will be able to provide for your stakers? Are there any fees to pay and any penalty for unstaking? Will the staking be done on your platform and will you have provision for yield farming also?

Sean Salloux:
This will be adjusted regularly as per market demand. BXX demand is driven by our B2B customer user bases. They will decide additional fees/penalty/etc. Currently, on the Baanx App and all of our B2B customers who are launching lending, want to be very, very, competitive, so fees should below.

You can stake your $BXX tokens in the Baanx App (Android 3.1.0 (https://bit.ly/BaanxAppGPlay) / iOS 3.1.0 (https://bit.ly/BaanxApp))

Staking returns are:

3 months — 5% APY
6 months — 7% APY
9 months — 10% APY
12 months — 25% APY

Minimum staking amount (per deal): 500 BXX tokens.

And Yes — we are rewarding BXX long term holders with big % of network fees. We value our community of BXX holders!

D. | Satoshi Club:
Nice APY!

Can you tell us about the initial distribution of $BXX token? Have you had any form of private/public sale? and how people can get your token in current time if they want to invest in it?

Sean Salloux:
Indeed

Gold Rocket | Satoshi Club:
It is much more profitable than in a regular bank

Sean Salloux:
We did, back in 2018, and a few months ago before our July 2021 listing. We distributed just over 18M BXX (out of 250M total supply).

You can either trade $BXX on MEXC Global (https://www.mexc.io/exchange/BXX_USDT) or on Uniswap. (https://v2.info.uniswap.org/token/0x54f9b4b4485543a815c51c412a9e20436a06491d)

Gold Rocket | Satoshi Club:
Got it

Are there any fees to pay and any penalty for unstaking?

Sean Salloux:
And we raised over $15M in equity since 2018 too.

Currently, No.

Gold Rocket | Satoshi Club:
Thanks for great answers

Can we proceed to the next question?

Sean Salloux:
Yes.

D. | Satoshi Club:

Q4 from Telegram User @NataliyaKil
I became interested in the fact that by connecting their bank account to the Baanx application, the users get certain benefits. How can I use this function, how can I connect my bank account and what can I get from this? How will my personal data and specifically my bank account be protected from information leaks or fraudsters?

D. | Satoshi Club:
We need to clarify that future users have to pass KYC to be able to use your app?

Sean Salloux:
Yes, you will have to pass KYC.

You can transfer/wire funds to the Baanx (or Baanx white-labeled apps) from within the app.
We follow UK GDPR regulation, and full info is on the T&C of our website, and the bottom of every B2B corporate that uses our services.

D. | Satoshi Club:
Btw, is your app only available on mobile devices? do you work on the desktop version? for PC and laptops

Sean Salloux:
Currently, only Android (https://bit.ly/BaanxAppGPlay) / iOS (https://bit.ly/BaanxApp) devices.

D. | Satoshi Club:

but in the future we can expect to see Baanx on PC?

Sean Salloux:
We are mobile-only — but can do a web version if a B2B client wants one…

D. | Satoshi Club:
Got it!

thank you! @GoldRocket27 do you have any additional questions? or we can move to the next Q?

Gold Rocket | Satoshi Club:
Thanks for great answers

Sean Salloux:
Mobile is integrated into Apple and Google Wallet so most want to use their virtual cards on a mobile…

Thank you for the questions

D. | Satoshi Club:
Yes, that makes sense

Gold Rocket | Satoshi Club:
Let’s proceed to the next

Q5 from Telegram user @Jonahapagu
One of the key features of Baanx as stated on your website is that users can get Instant loan approvals in the click of a button, which they can spend instantly using a virtual card. If this loan approvals are granted instantly, does this mean that the application for loans do not pass through any serious process, what are the requirements for users who want to take loans from BaanX, is there a limit or restriction to how much a user can borrow, and how does a user get issued a virtual Card with which they can instantly spend their loans…

Sean Salloux:
You can put your card details into any website you buy from… they are fully functional debit cards!

Gold Rocket | Satoshi Club:
Are you using this card?

Sean Salloux:
Good questions. As user will have already registered and passed KYC within the app, we can approve a loan instantly, and provide you with a virtual card instantly to spend it on (or a physical card, or both). We can do this, as we lend only up to 50% LTV — meaning if you have $1,000 in BTC in your wallet, you can instantly borrow $500.

Gold Rocket | Satoshi Club:
As a user and not a developer, what is it about them that you really love?

D. | Satoshi Club:
Good system

Gold Rocket | Satoshi Club:
Fair enough.

Sean Salloux:
I love the fact I can choose any one of my 5 wallets to spend automatically on my card, and I never have to ‘load’ my crypto card. It is truly seamless bridge between fiat and crypto.

Absolutely.

D. | Satoshi Club:
Crypto world will love it!

Gold Rocket | Satoshi Club:
I think this is what we all really need now

Great features. Great answers! Thanks

let’s proceed to the next question?

Sean Salloux:
And that we don’t charge FX so it is like spending in your native currency, not all those high bank fees. Those fees made me mad enough to found Baanx!

We want to be ‘Better than a Bank’

Yes.

Gold Rocket | Satoshi Club:
And the crypto community will thank you for this

Q6 from Telegram user @Highpee
From your roadmap, you plan to incorporate NFT and GameFi applications into Baanx financial layout. I read that this will allow you to extend your secure lending to NFTs. How will users be able to lend against NFTs and how is your platform going to provide FIAT on/off ramp support to NFT? How will NFT be integrated with your payment process and how will you provide security and insurance for NFT digital assets?

Sean Salloux:
We are working with a few NFT companies and platforms, including Tezos, so provide fiat on/off ramps (so users can buy NFT with cards). And for lending, we are looking into ways of pricing them to lend using NFT as collateral. Could be lower LTVs for loans to start, till there is a better real time pricing for NFTs…

Security and insurance — our cold storage wallets are insured to $700M, and we use multi-sig wallets (BitGo).

D. | Satoshi Club:
When are you approximately planning to launch services with NFTs?

Sean Salloux:
Sometime early 2022

D. | Satoshi Club:
It would be very interesting to see, some projects use NFTs in very creative ways, I think you one of those

Gold Rocket | Satoshi Club:
Great news

Sean Salloux:
You can build complex DeFi strategies with such tools

Gold Rocket | Satoshi Club:
You are incredible! we really like your concept. this is really a mass adoption.

Sean Salloux:
Thanks!

Part 2 — live questions from the Telegram community

Q1 from Telegram user @highpee
With regards to your CRYPTO LIVE APPLICATION, will it run on Tezos blockchain since Tezos is a main player here? What role is to be played by Tezos and what other financial brands are expected to power the workings of Crypto Life Application? When exactly can we expect its release and when will it be available for usage?

Sean Salloux:
You will be able to stake your Tezos XTZ and take out a free secured loan against Tezos. We are working with their dev team. You will be able to use it later this month.

Q2 from Telegram user @Jonahapagu
One of the features that interest me about your crypto wallet in Baanx is that they are insured for non fault loss through hacking up to $100 million Provided by BitGo via Lloyd’s Syndicate.. so is non fault loss through hacking the only thing this insurance covers for? What other issues will the insurance be able to cover for, does this insurance apply to users from all regions around the world, what are the details of your insurance partnership with BitGo and for how long will this insurance last….

Sean Salloux:
The insurance has gone up from $100 million to $700 million. You can find more info on BitGo’s website. But I can tell you that’s one of the top options that we might have.

Q3 from Telegram user @King_Raja
As Bannx is a B2B Company, What main Clients have been Collaborated yet,
Can You give us infomation on them?
Can we see any new Big clients?

Sean Salloux:
Many of our clients like to remain anonymous, but we have 20+ including: Akoin, Stex, and many wallet providers and exchanges.

Q4 from Telegram user @Titanium432
Do you believe Investors are incredibly important to the Baanx Ecosystem . Can you talk about some of your investors and how they helped to accelerate the Baanx platform to next level ?

Sean Salloux:
Some of our investors include: Tezos, UK Gov (investors) — British Business Bank invested millions in Baanx, Blockchain Founders Fund (investor, advisor, strategic), BankToTheFuture, Seeders, Monsas (large FX provider), Angel Network, and others.

Q5 from Telegram user @cenkkargin0666
Does BAANX’s acquisition of banks in the USA mean that it will remain a local project in this region? Does BAANX consider reaching different parts of the world and becoming a global project? For example, Asian and African regions may be a fast market, do you have a plan to deliver BAANX to these regions?

Sean Salloux:
We already have clients in the US and Asia, and we will be expanding to Africa in LATAM in the near future. You can check that in our product roadmap. (https://medium.com/baanx-bxx/baanx-bxx-updated-roadmap-7cf5cbb44b95)

Q6 from Telegram user @esrarengizbtc
To reduce the $BXX token emission, your investors need to know about your Burn & Buyback plan. Can you explain about your Burn & Buyback plan?

Sean Salloux:
We will share 10% of Network fees, and as more people use Baanx platform, more demand for BXX there will be. Take a look at our secure lending amounts:

  • 1000 BXX Tokens — Free Bank Card (physical/virtual depending on location)
  • 5,000 BXX Tokens — Access interest free secured lending up to $5,000, subject to LTV.
  • 100,000 BXX Tokens — Access interest free secured lending up to $100,000, subject to LTV.
  • 5,000,000 BXX Tokens — Unlimited interest free secured lending, subject to LTV.

BXX is the key component to the infrastructure, you have to stake BXX to use the services, so it will organically drive demand.

Q7 from Telegram user @alptrader
Why did you build your project and company on UK and not on offshore like other of your competitors?

Sean Salloux:
Many crypto lenders are offshore and unregulated. This can limit their appeal, and excludes many FinTechs from partnering and/or offering their lending services. Baanx, has HQ and is based in the UK. With our USA Bank acquisition/investment (Maxwell Bank is FDIC certified since 1943 for insured deposits) we can securely enter the USA. We have a number of UK and EU licences directly and via regulated partners, and can work with the growing number of financial institutions that want to offer lending services to their corporate, retail, and family office clients- in EU + UK, and now the USA. We have a solid pipeline of over 20+ signed corporate clients we are rolling out on a regular basis.

Our mission here is to be ‘Better than a Bank’.

Q8 from Telegram user @Antoni_azx
In your website you mention that users can receive rewards for holding, staking or even SPENDING the BXX token, so this last one is very particular, can you tell us about this feature? Is it a kind of cashback or how does it work?

Sean Salloux:
Good spot! We will be lunching a cashback program and other rewards by the end of the year. It’s coming.

Q9 from Telegram user @tatarrama
“Immediate loan approvals at the click of a button..” That sounds really good, but is it really that simple? What are your conditions such as collateral etc. for the loan?

Sean Salloux:
We will start with BTC; ETH and XTZ (Tezos) as possible loan collateral, and you have to stake BXX tokens at a certain level.

Q10 from Telegram user @sweetdoge
Could you please explain some of the key benefits of partnering with Maxwell State Bank and benefits of being 3rd biggest shareholder?

Sean Salloux:
The main part here — obtaining access to licences, now we can expand to the US markets with our services: CL card, free secured lending, on/off ramps.

Part 3 — Quiz Results

In the final part, we tested your knowledge in terms of Baanx . They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners
Baanx Telegram community: https://t.me/Baanx_BXX
Twitter: https://twitter.com/Baanx_BXX
Website: https://www.baanxapp.com/bxx

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Satoshi_storyteller

Storyteller for Telegram community @satoshi_club