L39 member BABB raises $20m in token sale to boost decentralised banking

L39 member BABB raises $20m in token sale to boost decentralised banking

Level39 member BABB, a decentralised banking platform aimed at the unbanked, has successfully raised its target of $20 million in a sold-out token sale.

Using blockchain, biometrics, and AI technologies, BABB will offer a bank account, payment card, and access to its global peer-to-peer network for any user.

The funds raised will be used to jumpstart software development of BABB’s blockchain-based banking platform, mobile banking app, and decentralised payment card. BABB will launch its mobile app in Q4 2018, having already begun development following a prototype in 2017.

By Q4 BABB will also aim to have obtained a banking license in the UK and one other European country.

BABB has also announced its integration of the Bancor Protocol. Its BAX token will be activated as a Relay Token, providing continuous liquidity. Users will be able to buy and sell BAX directly from any compatible wallet, regardless of exchange listings, on the Bancor Network.

More than 10,000 people took part in the token sale and the project already has a social media following of 30,000 people from 176 different countries around the world. With long-term ambitions to provide banking services to financially excluded individuals and businesses across the world, this engaged global community is one of BABB’s strongest assets.

Find out more on the BABB website here.