What is BABB?
BABB is a London-based FinTech company that provides accessible financial services to individuals worldwide. It uses blockchain technology to create peer-to-peer banking solutions, e-money accounts, and crypto-wallets. The BABB app offers seamless financial management, global money transfers, and access to banking services – all with a focus on empowering financially underserved communities.
ReDeFi: A Subsidiary of BABB
ReDeFi is an FMI platform designed for regulated financial institutions like banks, financial institutions, e-commerce and governments. It utilises a layer-1 and layer-2 model to facilitate the secure and compliant issuance of Onchain Money.
What is BAX?
BAX is the native token of the BABB ecosystem and the future core of the ReDeFi blockchain. It serves several key functions:
- Transaction Fees: BAX is used to pay fees for all transactions on the ReDeFi blockchain.
- Staking: Staking BAX secures the network and enhances decentralisation.
- Validator Nodes: Users can stake BAX to run validator nodes on the ReDeFi network or delegate their BAX to become nominators.
Unique Features:
- Regulatory Focus: BABB and ReDeFi prioritise collaboration with banks, regulators and financial institutions, aiming to improve the traditional financial system with our unique tokenised deposit system, Onchain Money.
- Onchain Money: Built on our layer-1 chain, the core product of ReDeFi offers tokenised deposits that directly mirror fiat currencies (such as GBP/EUR/USD). This model ensures stability and regulatory compliance.
- Dual Standard: BAX exists as both an ERC-20 token and the native token (RDF20 standard) of the ReDeFi blockchain, facilitating both current utility and future network operations.
Regulatory & Compliance
BABB Group, ReDeFi and the BAX token are operating within regulatory frameworks. Here's our regulatory standing:
- ReDeFi is a subsidiary company under BABB Group, and it is a registered crypto asset firm with the UK Financial Conduct Authority under the Money Laundering, Terrorist Financing and Transfer of Funds.
- BAX is registered as a non-security token with the U.S. Securities and Exchange Commission (SEC).
- BABB Remit Ltd is registered with the UK Financial Conduct Authority as an e-money Institution under the firm reference number 932609.
- The BABB Platform complies with the latest financial promotion and travel rules.
- ReDeFi is a regulatory-friendly Blockchain with the Onchain Money Network which strictly adheres to KYC/AML procedures, ensuring compliance with regulatory standards.
- The Onchain Money system upholds the 'singleness of money' principle, which is integral for maintaining a stable and unified monetary system.
Founders and History of BABB
Rushd Averroes is the founder and CEO of BABB. He founded this startup in the summer of 2016 to restore financial control to those who have limited access to banking services. Rushd was born in Yemen and moved to the UK in 2009, where his experience as an immigrant with traditional banks was less than ideal. Since then, he started BABB to empower not only those with limited access to banking but also those with no access to any financial infrastructure at all.
View our Roadmap here.
BABB’s Mission
BABB believes bridging traditional and decentralised finance, can create a more financially inclusive world. Its goal is to provide accessible, secure, and efficient financial services to everyone, regardless of location or background.
Learn More: