Having just raised $20 million in a sold-out token sale, British blockchain-based banking platform Babb has set its sights on opening its first bank accounts before the end of the year.
FCA-authorised payment institution Babb (Bank Account Based Blockchain) is building a decentralised banking platform to provide anyone in the world with a bank account, payment card, and access to its global peer-to-peer network.
The new cash influx will be used to jumpstart development of the platform and a mobile banking app and decentralised payment card, the Black Card.
The app, set for launch by the fourth quarter, will initially offer the ability to open a bank account using face and voice recognition and make domestic and international transactions, with more advanced functionality to follow in 2019.
The firm is also hoping to have a full UK banking licence by the end of the year, making it the first regulated blockchain bank in the world.
“We’ve got good feedback from the Bank of England and we’ve now got a second stage meeting with them to go through our business plan and explain how BABB is going to comply with regulations and meet our own objectives” says Babb CIO and Lloyds Bank veteran Paul Johnson.