Jul 24, 2018
Baanx is a building a platform that offers mobile banking alongside unique features that include Cryptocurrency. Baanx is becoming the World’s 1st Decentralised Cryptobank network, sharing financial licenses to create a platform where it is easy to start a new Cryptobank brand - servicing both retail and corporate markets. They already have an App, Custody, Lending and OTC Desk. Baanx is disrupting the Traditional Banking sector with a Decentralised Bank Ownership ethos designed to drive Blockchain and Cryptocurrency into everyday use across the world.
Q1 & Q2, 2018
Q3 & Q4, 2018
Attention. There is a risk that unverified members are not actually members of the team
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$67 816 264
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The business model is fresh, and demonstrates that it is not just Amazon who sees the benefit of on-boarding external product providers to expand choice for the consumer. Financial, travel and other comparison websites have proliferated in recent years because they met a real-life need of consolidating information and purchase opportunities in one place.
With trust in legacy banking forecast to be eroded in the future, a blockchain-based solution is a natural progressive step to facilitate commerce.
Whilst others in the financial space such as Bankera, TenX, Crypterium and SALT Lending have recognised this and are seeking to address certain aspects of the financial changeover, Baanx appear to be unique in that they are seeking to create an umbrella structure for all of these individual elements.
Initial thoughts may lead investors to believe that the task is too large for a fledgling company to tackle but one benefit with the model is that some of the workload and route to market can be shared with established partners.
As per standard business practice, no details of the brands signing onto the platform are currently available, however the whitepaper does elude to Baanx being contacted by “45 businesses ranging from mid-tier online brands through to startups (who are) wanting Cryptobank services.”
It goes on to state that “Many new partners are choosing our white label and bespoke options, however there are organisations, like Tier 2 and 3 Banks, who might just want to use our tech (mainly within financial services already) and operate our products in the market.”
All of which sounds promising.
It will help to see alpha or demo versions of Baanx’s own products prior to launch but, with the Optimal Search website acting as an MVP, it can be seen that the directors are capable of running a successful fin-tech operation within a national regulatory framework.
For this project though, as with any involved with the present financial authorities, the size of future expansion hinges on whether the correct licenses can be obtained. If successful, Baanx could rapidly evolve from being a shop-window for its own products and other established brands to being truly disruptive by facilitating start-ups to share in the various credit, investment and banking opportunities that the impending blockchain era will likely throw up.
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