BABB, a decentralized banking financial startup based in London, UK, announced the launch of a digital token sales program that plans to issue a “BAX†digital currency that allows people to use the digital token to pay for services, fees, and licenses on the BABB platform. Fees, as well as other cross-currency redemption services.
It is reported that BABB will start pre-sale on January 15th. At present, the registration work has begun, and the official public offering will start next month. Unlike most ICOs, BABB plans to divide the ICO project into two phases, and the second phase will be followed by the third quarter of next year.
BABB hopes to raise “millions of dollars†in the first phase, and in order to achieve this, they provide a hard token sales cap of $20 million.
Rushd Averroes, CEO of BABB, said:
“In 2017, blockchain startups raised more than $5.3 billion in financing, but many of them did not provide clear corporate development plans and received significant funding. We believe this model is not conducive to agile development. Process and lean business thinking, and this is precisely the main reason we decided to launch token sales in two phases."
In fact, the goals of the BABB team are very clear, they hope to build a stable market around the BAX digital token.
With the support of ICO's first phase of fundraising, BABB is committed to creating a smartphone mobile app that supports bank accounts and cross-border remittances, and they will also apply for a photo of the European banking service. Not only that, but BABB also plans to establish partnerships with retail banks and central banks in emerging markets to pave the way for further international expansion.
Rashid Averos said:
“We hope that the BABB community and platform will remain open and transparent to our customers. The reality is that we don’t need to raise so much money at once, but we want to be steady and steady, step by step.â€
It is reported that BABB will issue a total of 50 million digital tokens, and the first phase will launch 20 million digital tokens.
For the second phase of ICO a year later, BABB hopes to use this financing to expand into new markets and introduce new features such as P2P loans.
Rashid Avilos concluded that:
“We are very confident about the products we are developing and we hope that we can deliver on our promises before we raise more funds in the second phase. Once our platform is launched and digital tokens are allowed to be used in the market, a total of 10 billion will be issued. Digital tokens to support business needs. So, whether the second phase of the ICO will start in the third quarter of next year depends on our first phase of product delivery."
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