LONDON, June 22, 2018 /PRNewswire/ -- BABB, a UK-based financial venture that uses blockchain technology and biometrics to offer access to banking services for all, is soon to hold an equity crowdsale. The sale will raise money to cover the regulatory and legal costs of obtaining a banking license, and will give investors the opportunity to own equity in the company.
The equity crowdsale is expected to open to the public next week. Prospective investors can express their interest here in order to receive an invitation once the crowdsale is live.
BABB will provide people around the world with access to a bank account and banking services through its app, which is due to launch in beta before the end of the year. Customers can open an account on their smartphone simply by taking a selfie and saying a passphrase. They gain access to a peer-to-peer network which makes it quick and cheap to transfer money, lend to and borrow from other users, and exchange currencies.
BABB seeks to revolutionize the financial industry through innovative applications of blockchain technology. It has developed a cryptocurrency, BAX, which underpins the platform along with the mobile app and BlackCard. What's more, BABB has developed tools which central banks, and other institutions, can use to issue their own digital currencies and conduct financial inclusion initiatives.
The Story so Far
BABB has successfully raised $20 million in a token sale which attracted widespread participation. The funds raised in the token sale ensure a long runway for the software development and launch of the platform, app, and payment card.
Investors and financial experts across the world have taken note of BABB's innovative project and solid strategy, and have been eager to buy in. During the platform's public token sale, around 10,000 people from 146 nations bought BAX, the native cryptocurrency of the BABB platform. With a global community representing almost every economy on the planet, BABB's token sale has helped to lay a solid foundation for future success.
Next step: equity crowdsale
The equity crowdsale will allow BABB to expand its efforts even further and fund the legal and regulatory costs of becoming a licensed bank. This sale will allow investors to participate in the equity of the company. BABB hopes to encourage more widespread participation, making investment in blockchain projects accessible to those not confident in participating in token sales.
In choosing to conduct an equity crowdsale to raise this portion of the required funds, BABB continues its commitment to bridging the gap between the crypto world and the existing financial system. As a result, BABB can raise the funds it needs to become a bank while attracting the support of knowledgeable investors.
The platform will hold the crowdsale through CrowdCube. Investors who participate in the sale will receive equity in BABB Group, the parent company of both the bank and the software company. Shareholders will have ownership, voting and pre-emption rights. Most importantly, the money raised in the equity crowdsale will help to ensure BABB obtains a banking license, a key part of the strategy which will unlock the potential of the project as a whole.
The equity crowdsale is expected to open to the public next week, following a private funding round. Prospective investors can register their interest in the BABB equity crowdsale here to receive an invitation to invest once the sale is live.