Fintech News

How Baanx Is Making Banking Better for Users of Cryptocurrency

How can we start driving adoption rates of cryptocurrency today? When cryptocurrency is discussed it’s often within a 5 to 10 year timeframe. During this near-future imagination of reality, the world has finally begun to embrace the power of blockchain technology and cryptoassets.

You can buy a coffee from Starbucks with cryptocurrency of any kind, which Starbucks then auto-exchanges for the currency of their choice via a decentralized exchange. The government accepts tax payments in crypto. The cost of service at your local mechanic drops now that she’s not paying expensive transactions fees to credit card companies.

Are you excited yet? You shouldn’t be. Dreaming up an image of what ‘could be’ based upon an arbitrary timeline may be enjoyable, but it’s not getting us any closer to making it a reality. It’s time to build.

Baanx: Where Banking Meets Crypto

Blockchain fintech startup Baanx has intentions of replacing the classical banking systems of today by offering a set of key financial services to users of cryptocurrency.

Starting with a secure mobile app, Bannx will offer a highly secure wallet with insurance and a price-lock feature that locks your cryptocurrency for a fixed period of time, mobile virtual card payments in both crypto and fiat to enable users to spend crypto through the existing financial infrastructure, and also a super-fast cryptocurrency exchange, set to launch with 115 coins.

Baanx aims to become the world’s first blockchain based cryptobank and crypto-financial services network through its cutting-edge mobile application designed to make cryptocurrency usable in the real world.

By developing the groundwork necessary to bring common financial services such as lending, savings, and investments into the world of cryptocurrency, Baanx is a project already building, setting themselves up to be the leaders of the next generation of banking.

Baanx CEO Garth Howat says, “Our vision here at Baanx is simple – to bring the use of cryptocurrencies simply and easily into everyday life and to break down barriers of entry for future cryptobanks by sharing products and licences via a decentralised platform.”

What is a Cryptobank Network?

According to Baanx, “A Cryptobank delivers a licensed, regulated and secure environment for Cryptocurrency and Fiat services for Deposit, Saving, Payment, Investment and Lending.” Baanx will deploy an open access decentralized cryptobank network, allowing qualified market entrants an opportunity to join the Baanx platform and deploy financial services applications of their own.

This innovative network setup utilizes shared bank licenses to make significant gains on market entry time and other bureaucratic time barriers.

The Baanx team isn’t new to the fintech game, combining for a total of over 100 years of shared banking and fintech experience. These are people passionate about building the foundation of a fairer shared ownership financial services model capable of saving customers money, and sparking real change.

Baanx.com already owns an online fintech business that is FCA regulated and has completed millions of pounds in loans to customers.

Join the Banking Revolution May 24th: Baanx Public Pre-Sale

Baanx is set to undergo a public pre-sale on May 24th to raise funds for the delivery of services and new license releases. The project has already raised $2.4M through a private pre-sale.

Following the conclusion of the public pre-sale, the Baanx token (BXX) ICO will be held. For more information on the upcoming token sales and to learn how you can participate, visit the official Baanx website here.

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