Baanx BXX: Progress Update (May 2021)
Baanx imagines a world where you can borrow for free against, send money across the globe and earn crypto rewards from daily spending. Baanx is now working with some of the leading global digital asset corporations, like Tezos, DeFis, Exchanges, wallet providers, to provide secure crypto-friendly services. What sets Baanx apart is interest-free secured lending, high rate savings for staking digital assets, global remittance, and the ability to spend digital assets directly on physical and virtual Visa and China Union Pay cards.
Here’s where Baanx currently stands as well as some exciting updates for the future. Baanx “Better than a Bank.”
How Do Baanx Products And Services Differentiate From Other Platforms?
By offering fully managed services, Baanx can provide digital asset-friendly lending together with a staking platform. Secured and interest-free lending with BXX tokens allows loans to be made into a user’s digital wallet, or spent through a virtual card with 0% interest charged, in the EEA, UK and soon in the United States.
An issue in the crypto space is that users want to hold onto their funds. With Baanx, users can keep their crypto and borrow against it in a secure, ‘one click’ way while staking BXX tokens. Baanx is headquartered and regulated in the UK, and utilises a credit broking license.
With over 20 APIs Baanx can offer crypto lending cards, and other services directly into any website or apps to ensure every exchange, DeFi, wallet priced or other FinTech can offer Baanx white label services to their community.
BXX Token Highlights
- Market cap of $25,000,000 at launch
- $4,000,000 already held or sold
- 18% of the total supply will be distributed over a period of 5 years
- Up to 10% of all network fees are to be equally distributed to loyal token stakers
- 5% distributed to users who hold BXX monthly
- Additional 5% bonus to those who hold for 12 consecutive months
- Will be listed on Uniswap as of June 21, 2021
BXX Token Benefits
- Free bank card (virtual or physical, depending on location) with 1000 BXX Tokens
- Interest free secured lending of up to $5,000 with 5,000 BXX Tokens and $100,000 with 100,000 BXX Tokens (subject to LTV)
- Unlimited interest-free secured lending with 5,000,000 BXX tokens (subject to LTV)
- Additional rewards for providing lending liquidity by marketing the platform to other users, and can include 15% or more for staking USDT and other stablecoins
How BXX Supports The Baanx Business Model
Lending customers are continuing to grow and the Baanx sales team is expanding globally with new offices in the USA, Singapore and the Middle East opening in 2021 to serve the growing corporate client base.
Since the Baanx.com Ltd services are complimentary to Baanx Group services, they work in harmony to drive demand for BXX and new products and services as they are added and introduced. This includes areas like the launch of branded virtual or physical crypto-friendly VISA, Union Pay and other schemes for both corporate and personal users while offering up to five different currencies.
Unique Selling Proposition
- Interest-free secured lending with up to 80% LTV on BTC and ETH Instant
- Instantly start spending through a virtual card or withdraw cash worldwide at ATM’s that accept MasterCard and Visa
- Registered with the FCA
- One of the only lenders that are not owned or controlled by an offshore entity, and based in the United Kingdom
- Free lending and debit card with every loan
- Listed on the temporary registration for crypto-asset businesses within the United Kingdom
- Part of Baanx Group Ltd., which operates FinTech services utilising an EMI license and a Credit Broking license
- Seamless integration of Google Pay, where users can spend BTC and other digital currencies directly from any mobile phone
- Crypto-friendly corporate accounts with automation for inbound and outbound payments and receipts in multiple currencies
Exciting Partnerships And How Baanx Is Growing
The Baanx team has an incredible familiarity with the banking, mobile and FinTech industries. With over 100 years of combined experience at key institutions such as JP Morgan, Commerzbank, NatWest, Ernst & Young, London Stock Exchange, CEX.IO and MasterCard, to name a few, their expertise will be what continues to push Baanx to expand and emerge as a leader.
As a result, further partnerships and investors will provide Baanx with the opportunity to continue to scale, grow and offer products and services that set them apart from the competition and further leverage lending against any digital asset, including cryptos, stocks, bonds and NFT’s (Non-Fungible Tokens).
BXX Token To Be Listed On Uniswap
Starting June 21st, 2021, BXX Tokens will be listed on Uniswap, the decentralised finance platform built on Ethereum used to exchange cryptocurrencies. Users will be able to use the Uniswap interface to connect their wallets and exchange tokens to or from other tokens — all without any involvement of a central party. Serving as an important foundation for decentralised finance, Uniswap v3 was announced in early May 2021, which will provide further concentrated liquidity as well as multiple fee tiers, making it the most flexible and structured AMM on the market.
Baanx is continuing to grow and expand with new and existing partnerships. Contracts have been signed with DeFis and wallet holders and include partners such as:
- AlphaBit, a crypto asset management platform that is invested in the decentralised economy of the future
- Scalable Solutions, a white-label digital asset exchange that uses a tokenization engine to create any type of financial product and manage its life cycle
- Tezos, a decentralised, open-source blockchain network backed by a global community of validators, researchers and builders
- Akoin, a blockchain-based ecosystem of tools and services designed for entrepreneurs, business owners and social activists across the rising economies of Africa and beyond
Other partners and investors include:
- BnkToTheFuture, a global online platform that provides investment opportunities in FinTech companies, funds and other alternative financial products
- British Business Bank, an economic development bank established by the UK Government to increase the supply of credit to small and medium enterprises
Substantial Opportunity Provides Incredible Room For Growth
Cryptocurrencies have experienced an incredible uptake since early 2015 and are showing no signs of slowing down, with expectations of reaching critical mass in the next 5 years. As of March 2021, the top 200 cryptocurrencies and tokens had a combined market cap of over $1.2 trillion (coinmarketcap.com). Many DeFi and wallet providers are satisfied with adding lending to their portfolios.
Currently, there are around 70–80 million people worldwide who have Bitcoin wallets. Compare that to the global population of 7.8 billion, of which 3.8 billion hold a bank account, and the opportunities are boundless, and that figure is expected to rise to as many as 580 million people by 2030, or 7.25% of the global population. This is in large part due to more people discovering the power and flexibility of going beyond fiat currencies.
The adaptation and growth of cryptocurrency are following the classic technology growth path. The increased use of the internet and mobile phones, as well as blockchain, are driving significant and increased growth. The opportunities will continue to grow and expand for Baanx by offering white-label solutions to consumers of would-be competitors, such as firms like CoinBase, which hold over 30 million customers worldwide and has a valuation of over $80 billion.
How Are Funds Used?
Funds are distributed in several different ways and are strategically positioned to cover everything from operations, compliance and licenses, marketing, strategic partnerships and products and services.
Baanx feels strongly that for digital asset FinTechs to become mainstream, we must be “Better Than Banks”.
And that’s what we’re doing.
The growth of the global digit asset community is a key innovation in the spread of blockchain and cryptocurrency, and Baanx is confident that these financial services will continue to benefit from the adoption of other digital assets. In turn, this will lower the costs of products and services and deliver substantial benefits to a wide-ranging segment of society. Visit Baanx website for more information and learn how you can earn crypto rewards from your daily spending.