BABB

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Discover BABB's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is BABB?

BABB (BAX) is a cryptocurrency native to the BABB platform, a London-based FinTech company that aims to provide accessible financial services to individuals worldwide using blockchain technology. It facilitates peer-to-peer banking solutions, e-money accounts, and crypto-wallets, focusing on empowering financially underserved communities. The BAX token enables borderless, frictionless, and low-cost transactions within the Babb app, supporting conversions to other cryptocurrencies like BTC and ETH.

How is BABB used?

The cryptocurrency BABB (BAX) is used as the underlying token for all services provided by the BABB platform. It is used to pay for transaction fees, licensing, and other services within the platform. Additionally, BAX can be used for staking, which allows users to earn passive income.

How do I store BABB?

To store BABB (BAX) tokens, you have several options:

  1. Atomic Wallet: You can manage your BAX tokens using the Atomic Wallet app, which supports over 1,000 coins and tokens. The wallet is private, secured, and offers 24/7 online support.

  2. Noone Wallet: Another option is the Noone wallet, which allows you to create a BAX address, send, and exchange over 1,200 coins and tokens directly within the app. It also offers 24/7 support.

  3. Ledger Wallet: You can store your BAX keys on a Ledger device through Ledger Live under ETH/ERC20. This method is secure and allows you to manage your BAX tokens alongside other ERC20 tokens.

  1. Babb App: If you hold BAX in the Babb app, you won't need to request a priority transaction for the swap. However, if you hold BAX in external wallets like Metamask or Trust Wallet, you will need to visit the priority request portal and submit your wallet address.

  2. Cold Wallets: For cold wallets, you will need to ensure that any existing balance is removed from complicated smart contracts and DEXs before the swap date to avoid potential losses.

Remember to always be cautious of fraudulent activities and never transfer your BAX tokens to any address for the swap, as Babb will not ask you to do so.

How to buy BABB?

To buy BABB (BAX) tokens, follow these steps:

  1. Choose a Reliable Exchange: Find a trusted centralized exchange (CEX) or decentralized exchange (DEX) that supports BABB (BAX) trading. Some popular options include Kriptomat, Binance, MEXC, and KuCoin.

  2. Create and Verify Your Account: Sign up for the chosen exchange and complete the verification process, which typically involves providing identification documents and enabling two-factor authentication.

  3. Add Funds: Deposit funds into your exchange account using methods such as bank transfers, credit cards, or other cryptocurrencies like USDT, ETH, or BNB.

  1. Buy BAX: Use the deposited funds to purchase BAX tokens. You can do this by selecting BAX from the list of available cryptocurrencies and entering the desired amount. Preview and confirm your transaction.

  2. Transfer to Wallet (Optional): If you want to store your BAX tokens securely, transfer them to a crypto wallet like Trust Wallet, ensuring you have the correct wallet address and seed phrase.

Remember to always follow the specific guidelines and security measures provided by the exchange you choose, and be aware of market risks and price volatility.

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History of BABB

BABB (BAX) is a cryptocurrency that was launched in 2018 as part of a broader FinTech project aimed at providing accessible financial services to individuals worldwide. The project, based in London, leverages blockchain technology to create peer-to-peer banking solutions, e-money accounts, and crypto-wallets.

Early Development

The initial funding campaign for BABB took place in 2018, during which the project raised 18,000 ETH from over 10,000 investors from 130 countries. This campaign demonstrated the community-driven ethos of the project and set the stage for its future development.

Key Milestones
  • 2019: A backup fundraising campaign was launched, successfully raising USD 1.7 million from over 1,100 investors.
  • 2020: BABB Remit was registered with the Financial Conduct Authority (FCA) and received the Small Payment Institution (SPI) license. The MVP of the Babb app was also launched, offering micro payments and P2P transfers for users. Additionally, Babb joined the SWIFT payments system as a direct member to expand its financial services globally.
  • 2021: Babb obtained FCA registration for its cryptocurrency services, enabling it to enhance its offerings and become one of the first cryptocurrency firms in the UK to achieve this status.
  • 2022: The project improved the security of the app by introducing a refined eKYC process, 2-factor authentication, CAPTCHA checks, and enhanced backend processes. It also developed hybrid wallets with legacy bank accounts and sort codes to bring in the trend of DeFi 2.0.
Current Status

Today, BABB continues to operate as a cryptocurrency project focused on providing fair, inclusive, and connected financial services. Its native utility token, BAX, is available on the Ethereum network and facilitates borderless P2P transfers and conversions to other cryptocurrencies with minimal fees and no middlemen.

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How BABB works

BABB (BAX) is a cryptocurrency designed to bridge the gap between traditional banking and the decentralized world of blockchain technology. Here's an overview of how it works:

BABB App and Features

The BABB App is a mobile banking platform that offers a range of features to make financial transactions more accessible and efficient. Key features include:

  • CurrencyX: A multicurrency account allowing users to send and receive money across different countries, convert between currencies, and even convert to cryptocurrencies like BAX, BTC, and ETH.
  • Crypto Tab: A free cryptocurrency wallet supporting top cryptocurrencies like Bitcoin, Ethereum, and BAX, enabling users to store, convert, and send cryptocurrencies.
BAX Token and Functionality

The BAX token is the driving force behind the BABB ecosystem. It serves multiple purposes:

  • Transactions: BAX facilitates transactions within the ecosystem, making it a crucial component for financial services.
  • Governance: BAX holders have a stake in the network's governance, allowing them to participate in decision-making processes.
  • Incentives: BAX tokens fuel various mechanisms incentivizing users to engage actively within the ecosystem.
ReDeFi (Regulated Decentralized Finance)

ReDeFi is a regulated layer 1 blockchain designed to provide a secure and compliant environment for financial transactions. BAX operates on top of ReDeFi as a layer 2 solution, enhancing scalability, reducing costs, and adding an extra layer of privacy.

Staking and Rewards

Users can stake BAX tokens on the BABB platform to earn rewards. The amount of rewards earned depends on the amount of BAX tokens staked.

Overall Purpose

BABB aims to make financial services more accessible and inclusive, especially for those without traditional bank accounts. By bridging the gap between traditional banking and decentralized finance, BABB seeks to expand financial opportunities globally.

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BABB's strengths

The token BABB (BAX) has several strengths that make it an attractive option for investors and users. Here are some of the key advantages:

  1. Borderless Transfers: BAX facilitates peer-to-peer (P2P) transfers to almost any destination in the world without exposure to complex, expensive interbank networks and FX conversion fees. This allows for quick, frictionless, and cost-effective transactions.

  2. Multi-Chain Compatibility: The upgraded smart contract for BAX tokens enables multi-chain compatibility, leading to cross-chain interoperability traits. This gives the token a competitive edge and enhances its functionality.

  3. Enhanced Security: The new contract update includes enhanced security measures, which have been well received by regulators. This ensures that the token is more secure and compliant with regulatory requirements.

  1. Future-Proof: The upgradable contract allows for adding or improving functions and features as needed in the future, making BAX future-proof and scalable.

  2. Inclusive Financial Services: BABB, the company behind BAX, focuses on empowering financially underserved communities by providing accessible financial services. This mission to bank the unbanked adds a social value to the token.

  3. Seamless Financial Management: The BABB app offers seamless financial management, global money transfers, and access to banking services, making it a comprehensive financial solution.

These strengths position BAX as a robust and versatile cryptocurrency with a strong focus on financial inclusion and security.

BABB's risks

BABB (BAX) carries several financial risks that investors should be aware of. These risks include:

  • Volatility: The value of BAX can drop quickly, and investors may lose all their money invested in the token. The cryptoasset market is largely unregulated, making it susceptible to cyber-attacks, financial crime, and firm failure.
  • Lack of Protection: The Financial Services Compensation Scheme (FSCS) does not protect investments in BAX because it is not a 'specified investment' under the UK regulatory regime. Additionally, the Financial Ombudsman Service (FOS) will not consider complaints related to this firm.
  • Illiquidity: There is no guarantee that investments in BAX can be easily sold at any given time. The ability to sell the token depends on market supply and demand, and operational failings such as technology outages or cyber-attacks could cause delays.
  • Complexity: Investments in BAX can be complex, making it difficult for investors to understand the associated risks. It is essential for investors to do their own research before investing.
  • Risk of Loss: The Financial Conduct Authority (FCA) considers investments in BAX to be high risk, and investors should be prepared to lose all their money invested in the token.

These risks highlight the importance of careful consideration and thorough research before investing in BAX.

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Did BABB raise funds?

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BABB’s team

  • Rushd Averroes: Founder of BABB, who began his journey towards financial inclusion in 2016, driven by his personal experience as a low-income individual in the UK.
  • Heather Butler: New Advisor to the Executive Team, announced in 2023, contributing to the growth and development of the BABB platform.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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