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London blockchain banking financial startup BABB launches ICO to stabilize in two phases
BABB, a decentralized banking and financial startup based in London, UK, has recently announced the launch of a digital token sales program. The initiative aims to introduce a new cryptocurrency called "BAX," which will be used for paying services, fees, and licenses on the BABB platform, as well as for cross-currency redemption.
The company has kicked off its pre-sale on January 15th, with registration already underway. The official public offering is set to begin next month. Unlike many other ICOs, BABB has opted for a two-phase approach, with the second phase planned for the third quarter of next year. This strategy reflects the team's commitment to steady growth and long-term sustainability.
In the first phase, BABB hopes to raise millions of dollars, with a hard cap of $20 million for the token sale. Rushd Averroes, CEO of BABB, emphasized that many blockchain startups raised significant funds in 2017 without clear development plans, which led to inefficiencies. “We believe this model is not conducive to agile development and lean business thinking,†he said. “That’s why we chose to launch our token sales in two phases.â€
The team’s goal is to build a stable market around the BAX token. With the initial funding from the first phase, BABB is working on developing a mobile app that supports bank accounts and cross-border remittances. They are also seeking approval for European banking services and plan to partner with retail and central banks in emerging markets to support future international expansion.
Rashid Averroes added, “We want our community and platform to remain open and transparent. We don’t need to raise a lot of money all at once. Our focus is on being steady and building step by step.â€
The project will issue a total of 50 million BAX tokens, with 20 million available in the first phase. In the second phase, expected to take place a year later, the funds will be used to enter new markets and introduce features like peer-to-peer lending.
“We are confident in our product development and want to deliver before raising more funds in the second phase,†Rashid concluded. “Once the platform launches and BAX is used in the market, up to 10 billion tokens will be issued to support business needs. Whether the second phase begins depends entirely on our progress in the first phase.â€