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BABB: Progress update #5–12.06.18

startup entrepreneurship cryptocurrency blockchain banking

Welcome to the banking license special edition.

It’s time to catch up on our recent progress! June is shaping up to be a defining moment in the BABB story, with several new developments coming to fruition.

Read on for a full report on the main events of the past month…

BAX on KuCoin

BAX is now listed on KuCoin, a major centralised exchange which is very popular with many people in the BABB community thanks to its easy interface and low fees. We ran a promotion with KuCoin which has ended now, but brought a lot of attention to BAX from new people outside the community.

BAX is trading with both BTC and ETH and you can buy it there now. We plan to continue build trading volume organically over time by listing on small and medium-sized exchanges, as discussed here; watch this space.

Equity crowdsale private round

We have now announced the date of the private round of the BABB equity crowdsale. The private round will open at 12pm London time on Tuesday 19 June. We wrote all about the private round in our latest blog post.

The private round is reserved exclusively for BABB friends and family and our existing community, including everyone who participated in the token sale and has discovered us since February. We are offering BAX bonuses and an airdrop, plus investor perks such as a special-edition ‘investor’ BlackCard.

If you would like to access the equity crowdsale in the private round before it goes out to the public, please register here.

Banking license team

Paul Johnson is CIO at BABB and is leading activities to obtain a banking license. He has been building his team over the last few months and they have been working on our applications in the UK and Lithuania.

Paul took the time to introduce his team and explain the work they are doing in more detail. If you missed the video, you can catch up now…

Patent application approved

In May, we filed an application to patent our data privacy technology. It’s a completely different to approach to that taken by any other bank, which makes the user the data controller, instead of the company. Because it’s so unique, we need to protect our intellectual property.

We have just found out that our application has been approved by the UK Intellectual Property Office (IPO), which means that there are no existing patents for this idea. The patent is now pending and we have one year to implement the mechanism and demo it to regulators and the IPO.

To give you a bit more context about this patent, we have talked about our approach to data privacy in a recent update.

BABB brand refresh

BABB has come a long way under its current branding, from three people typing furiously in a co-working space to a 20-strong team with a clear vision and strategy, backed by token sale funding.

The next steps in the journey are to launch the app and platform and achieve bank status, and that means it’s time to re-visit the BABB brand. The marketing and product teams have beenmeetings and workshops over the last few weeks, working on a shiny new brand identity, including values, visuals, movement, tone of voice and more.

Rest assured; BABB will still be instantly recognisable to anyone who has been with us since the early days. We simply want to refine our identity, discover who we really are, and ensure we’re communicating properly as we take these all-important next steps. Look out for the big reveal…

Coming next

The next big event on our horizon is the equity crowdsale, before we start the lead-up to the release of the alpha app. Time seems to be rushing by faster and faster — our rollercoaster is speeding up.

Stay tuned for the latest updates on everything we’re up to including app development, banking license applications and more.

Progress update #5–12.06.18 was originally published in BABB on Medium, where people are continuing the conversation by highlighting and responding to this story.

Original article was created by: BABB at medium.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

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June 22, 2018

Invest in BABB via bank/wire transfer

Good news! You can now buy equity in BABB via wire transferWe have an update for you: if you don’t have a credit, debit or prepaid card, you can now invest in the BABB equity crowdsale via wire transfer.We received so many requests for this that we asked CrowdCube to enable the option to...

From: BABB
June 21, 2018

UK government takes an interest in BABB

Rushd and Leonard met with John Glen MP, Economic Secretary to the TreasuryThe UK Government takes a keen interest in the UK fintech landscape. When it comes to tech startups trying to help people manage their money and get access to the banking services they need, it is very supportive of...

From: BABB
June 18, 2018

Also, please note the valuation is £100 million, not £1 billion

Also, please note the valuation is £100 million, not £1 billion

From: BABB

Yes, the valuation is based on the DCF (discounted cash flow) method.

Yes, the valuation is based on the DCF (discounted cash flow) method. We have taken a low and conservative valuation as a starting point but it is purely an indication of value based on a very detailed model of expected growth over the next 5 years.

From: BABB

Why buy equity shares in BABB?

Shares, equity, investing, exits…all explainedBABB is holding an equity crowdsale to give the community a chance to own equity in the company and raise money to fund the minimum capital requirement for the banking license.The private round of the equity crowdsale goes live at 12pm London time...

From: BABB
June 13, 2018
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