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About BABB
Key Points
- BABB is a London-based FinTech company providing accessible financial services worldwide using blockchain technology.
- ReDeFi is a subsidiary of BABB, a platform for regulated financial institutions.
- BAX is the native token of the BABB ecosystem, used for transaction fees, staking, and validator nodes.
- Unique features include regulatory focus, Onchain Money, and dual standard.
- BABB and ReDeFi prioritize collaboration with banks, regulators, and financial institutions.
- BABB Group, ReDeFi, and BAX token operate within regulatory frameworks.
- Rushd Averroes founded BABB in 2016 to empower financially unders
About BABB: Empowering Global Inclusion through Blockchain Technology
BABB: A Revolutionary Banking Platform
BABB, a pioneering London-based FinTech company, is dedicated to providing inclusive financial services to individuals globally. By harnessing the power of blockchain technology, BABB crafts innovative peer-to-peer banking solutions, e-money accounts, and crypto-wallets. The BABB app seamlessly integrates financial management, facilitates global money transfers, and grants access to banking services, with a steadfast commitment to empowering marginalized communities.
ReDeFi: A Prestigious Offshoot of BABB
ReDeFi is a cutting-edge FMI platform meticulously designed to cater to the needs of regulated financial institutions, including banks, financial institutions, e-commerce entities, and governments. By leveraging a sophisticated layer-1 and layer-2 model, it enables the secure and compliant issuance of Onchain Money, ensuring a seamless and trustworthy experience.
Introducing BAX: A Revolutionary Cryptocurrency
BAX is the native token of the BABB ecosystem and the future linchpin of the ReDeFi blockchain, serving a multitude of pivotal functions:
- Transaction Fees: The native cryptocurrency, BAX, serves as the primary medium for settling fees associated with all transactions executed on the ReDeFi blockchain.
- Staking: By staking BAX, users contribute to the security and decentralization of the network, thereby fostering a more robust and resilient ecosystem.
- Validator Nodes: Users have the option to stake their BAX to operate validator nodes on the ReDeFi network, or alternatively, delegate their BAX to become nominators, thereby participating in the validation process.
Distinguishing Characteristics:
- Regulatory Synergy: BABB and ReDeFi foster collaborative relationships with banks, regulatory bodies, and financial institutions, striving to enhance the traditional financial system through our innovative tokenised deposit system, Onchain Money.
- Onchain Money: Built on our layer-1 chain, the flagship product of ReDeFi offers tokenised deposits that precisely mirror fiat currencies (such as GBP/EUR/USD), ensuring stability and regulatory compliance.
- Dual Standard: BAX exists in a dual capacity, both as an ERC-20 token and the native token (RDF20 standard) of the ReDeFi blockchain, facilitating seamless utility in the present and paving the way for future network operations.
Regulatory Compliance and Governance
BABB Group, ReDeFi, and the BAX token operate in compliance with regulatory frameworks. Here is our current regulatory standing:
- ReDeFi, a subsidiary of BABB Group, is a registered crypto asset firm with the UK Financial Conduct Authority, operating under the auspices of the Money Laundering, Terrorist Financing and Transfer of Funds regulations.
- The BAX token is duly registered with the U.S. Securities and Exchange Commission (SEC) as a non-security token.
- BABB Remit Ltd, a subsidiary of BABB Group, holds registration with the UK Financial Conduct Authority as an e-money Institution, bearing the firm reference number 932609.
- The BABB Platform is fully compliant with the latest financial promotion and travel rules, ensuring a secure and regulated environment for users.
- ReDeFi, a regulatory-friendly Blockchain, operates in tandem with the Onchain Money Network, which rigorously adheres to stringent KYC/AML procedures, thereby ensuring unwavering compliance with regulatory standards.
- The Onchain Money system is founded upon the ‘singleness of money’ principle, a cornerstone for maintaining a stable, unified, and reliable monetary system.
The Visionaries Behind BABB: A Legacy of Innovation
Rushd Averroes, the visionary founder and CEO of BABB, embarked on a mission to democratize financial access in the summer of 2016. His startup was born out of a personal quest to empower the underserved, having experienced firsthand the limitations of traditional banking as an immigrant in the UK. Originally from Yemen, Rushd relocated to the UK in 2009, only to encounter a myriad of challenges in navigating the conventional banking system. Undeterred, he channeled his frustrations into creating BABB, a platform designed to bridge the financial inclusion gap, not only for those with limited access to banking services but also for those entirely devoid of financial infrastructure.
Explore our comprehensive roadmap, outlining our vision and milestones,
here
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BABB’s Visionary Mission
BABB envisions a future where traditional and decentralised finance converge, fostering a more financially inclusive world. Its mission is to deliver accessible, secure, and efficient financial services to all, transcending geographical and socio-economic boundaries.
Discover More:
BABB Website
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ReDeFi Website
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ReDeFi Whitepaper
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BAX Tokenomics