we hosted an amazing AMA with Baanx BXX on the 7th of February
And here we will put some of the best questions:
Q1. Can you please introduce yourself as well as Baanx BXX ?
I am the Chief Revenue Officer (CRO) and Co-Founder of Baanx, founded back in 2017/18.
I have 25+ years in mobile, banking security, blockchain, and related technologies.
I led the team that launched one of the first e-wallets on a debit/credit card (back in 1999) for Gemalto, Mastercard, Korean and Japanese banks….a lot of hard work! Pre-cyrpto.
I focus on digital assets/blockchain and was an early investor/advisor/staff to leading VCs, FinTechs- including 3 Unicorns (including one crypto + WorldRemit). Now I am 110% Baanx.
Baanx is a crypto-as-a-service fintech platform. We manage all the services for our B2B customers.our mission is to be bring regulated products to unregulated crypto communities- 鈥渂etter than traditional financial services鈥�….Ccards, Cryptodraft (‘free money against your digital assets), loyalty, fiat on/off ramps, and wallets.Baanx operates globally, in particular in the UK and Europe, with a launch in the US with large partner communities including Ledger and Tezos this and next month, and other customers later this year.Many of our services are all powered by our token- BXX.
Q2. What are the advantages of Your project ?
First of all, we have many unique features not found with other providers – like…..automatically linking to up to 5 of your crypto + fiat accounts so you never have to 鈥榣oad鈥� your card. We were build from the ground up with 100% crypto in mind, not adapted from other banking or fintech products.In addition, many crypto lenders are offshore and unregulated. We have FCA, and own stake in a USA bank (Maxwell Bank) which is FDIC certified since 1943!We have a number of UK (FCA crypto registered) and EU licences directly and via regulated partners.
Q3. please tell us about the goal you want to achieve in this year.
I must admit that I live for good strategic questions 馃槑Here, at Baanx, we are thinking very big and ambitiously.We have big partnerships coming out with like Tezos (now live in 6 countries) and Ledger (200,000+ have signed up so far!). Ledger has over 4m users and 10% of the world’s crypto assets are stored on Ledger….Cryptodraft and loyalty (crypto cash back) and our unique managed services 鈥� we will be able to add many of these services all powered by BXX. The more BXX you hold, the lower interest rate, higher savings rate, and better rewards users will access. We have over 25 signed customers, all who will be live and rolling out to their communities over the next few months.Firstly, take a look at our updated product roadmap if you still haven鈥檛. There鈥檚 a lot coming 馃敟:鈿★笍 DeFi customers go live with physical & virtual cards.鈿★笍 Partnerships with NFT & GameFi projects.鈿★笍 Baanx will launch Ledger and Tezos in the EEA and the US.鈿★笍Followed up by the launch of Baanx cards, wallets and secured interest-free Cryptodraft in the United States.鈿★笍Q3-Q4 2022 expansion to Africa and LATAM.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
Our Story….In 2014 our Founders were working across Lending, Fintech and leading Banking companies. We had worked with digital wallets since 2000, but found it impossible to work with both crypto and fiat- it was impossible to get bank accounts or have any of the basic financial services you need to run a crypto business. We saw the massive opporunity.’massive opportunity’! – few were doing in, and even fewer were doing it well.So we started to build and offer digital Asset friendly B2B2C Fintech platform – offering key services across cards, acquiring, remittance and digital assets within mobile apps and through APIs to the open market. Our first crypto cards (Visa), came out in 2019 with our first 2-3 customers live now, and 25+ in our backlog. Been a great journey!We did an ICO in 2018, however the market conditions were very difficult for a listing, so we only listed BXX in July of 2021. We raised over $15m mostly in equity and convertible notes, not an ICO. A bit old school.Our team have 100+ Years of International mobile and bank tech experience:馃拵 Garth Howat – CEO.He founded Consumer Lending & Fintech businesses. Successful entrepreneur for the last 15 years. Financial Conduct Authority approved in the UK.馃拵 John Wu- (VP Cards25+yr. In crypto, cards, banking. Set up Bitpay (largest crypto card program in USA) from scratch. Also worked at Mastercard & Gemalto (now Thales)John is a legend in the crypto and card world (thank you Gemalto!)馃拵 Alona Dobshynska- (Chief Product Officer)CEX.io, E&Y, banking tech- Head of product with over 6+yr. at one of the top exchanges in the world.馃拵 Andreas Kapsos- (Brand & Communications Director Director) 10+yr. In Fintechs + SaaS including being employee #11 at Revolut, and Marketing Director at Plum Software.We now have over 75 Full Time staff, from some of the top fintech + crypto companies in the world.
Q5. NFT is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on NFT with us?
Do you think NFT will disrupt the current financial system? What is Your project’s approach to the NFT sector?You are right- NFT’s are hot! And, we are already working with NFT projects! 馃挭馃徎We are supplying fiat on/off ramps (to bridge fiat into the crypto/NFT world) to NFT projects and other Baanx services. We are researching ways at offering secure lending against NFTs, we are very close to achieving this.Moreover, we have sold over 500,000 physical and virtual cards – Mastercard, Visa, etc. and we have over 25+ customers, some live and a growing backlog. Many are interested in expanding with NFTs, so we expect to see more in this space soon.We will be making announcements by the end of the year in this area.Stay tuned for more information coming! 馃敎
And here we will put best questions from our members and Baanx BXX fans:
Q1) Baanx platform is a Crypto-as-a-Service Fintech, bridging the worlds of crypto & fiat. I think the biggest problem in bridging the worlds of crypto & fiat is the issue of regulation and crypto legality which is different in each country. then how will you solve this problem?
Remember, we are at infancy stage, so I see a lot of sustained growth. We have multiple agreements and partnerships with many regulated entities, and have our own licenses and registrations with various govt. bodies and entities. We will be adding to our global licenses al the time and in many global jurisdictions.鈽濓笍 We have access to a UK credit broking license, and access to EMI (Electronic Money Institute) licenses in the UK & EU.鈽濓笍 We can officially issue crypto friendly Visa, Mastercards, and China Union Pay cards. Our wallets (cold storage) are insured to $100m through non fault loss.鈽濓笍 We received approval for crypto assets under the FCA regime in the UK.鈽濓笍 For compliance, we have a world class team in USA, EU, and use us AI as part of the KYC/AML processes.
Q2) With BAANX, I can issue physical and virtual branded cards worldwide. My question is, do you plan to partner with world scale companies like VISA and Master Card so that through them BAANX protocols can be globalized? What debit and credit cards are available for use with BAANX?
We are one of the few that are crypto focused: we already offer crypto friendly Visa, China UnionPay, and Mastercard – physical and virtual cards.We are very crypto focused. We launched one of the first crypto friendly cards (Visa) in 2019 and sold over 600,000 cards across Mastercard & VISA and we currently ship to over 100+ countries worldwide.. We will be looking to add credit cards sometime in the future.
Q3) BAANX a Fintech Crypto-as-a-Service, which unites the worlds of crypto & fiat; so that fintechs worldwide can offer their users services that are truly “better than a bank. What are the best characteristics taken from the fiat world and the crypto world to create BAANX?
This is a good question 馃槉. The Fiat world has great ideas and products, but with blockchain and crypto, we can take these products to a whole new level and offer many of the services for free, and/or at much lower prices.That is our end goal and part of our vision for the future and can be achieved with blockchain and crypto. To some very large communities around the world.
Q4) Could you briefly explain the most important milestones that the your team aims to accomplish before the end of the year or in the future? What could your project look like in 2022 and beyond?
Firstly, take a look at our updated product roadmap if you still haven鈥檛. There鈥檚 a lot coming 馃敟:鈿★笍 DeFi customers go live with physical & virtual cards.鈿★笍 Partnerships with NFT & GameFi projects.鈿★笍 Baanx will launch Ledger and Tezos in the EEA and the USA (with BXX)鈿★笍Followed up by the launch of Baanx cards, wallets and secured interest-free Cryptodraft in the United States (powered by BXX)鈿★笍Q3-Q4 2022 expansion to Africa and LATAM.
Q5) Speaking of partnerships, can you tell us some of the ones you currently have? I know you can get famous investors, can you talk about who they are and how much you have raised? How have the relationships you forged helped make Baanx BXX a success?
Besides Tezos Foundation, other well known investors include Bnk To The Future, Blockchain Founders Fund, British Business Bank, Angels Den, Seedrs, amongst others. We have raised over $15m in equity and convertible notes.Partnships include Tezos, Ledger (4m++ users worldwide), Akon/Akoin (45m followers on social media), Exchanges, DeFis like Reef, and people like Euno. With Euno we create a white label mobile application that will allow the Euno community the opportunity to buy, sell, trade and spend Euno alongside major crypto currencies. It will be available to users with the EEA and UK for them to order virtual cards. Just some examples of our over 25+ B2B partners.
Q6) I read the CL Global Card on BaanX can be used by more than 50 million users and is only available for certain countries. Can you tell us the details of which countries can use this Card? And is there a charge for debit card holders?
Aulgvrl- good Question. You can use our cards anywhere Mastercard and Visa are accepted- including withdrawing CASH from ATMs. We are live with B2B customers in quite a few countries….see press releases for which ones.
Q7) How can I buy this token? Is there any exchange available? And what are the benefits of tokens?
BXXMEXC – https://www.mexc.com/exchange/BXX_USDTUNISWAP: Under this contract 0x6b1a8f210ec6b7b6643cea3583fb0c079f367898This is staking pool on Uniswap. You can also install the app we use to show new clients: Baanx.app. We have up to 25% staking rewards for holding BXX.Buy on MEXC or Uniswap, then stake them on Baanx.app today. Or Ledger and Tezos soon….
Q8) I seen that you have done many AMAs, my question is, what do you expect to get from so many AMAs and what are your goals with the community? Do you consider the community to be a fundamental role in the project鉂撪Μ唳�
We try to ensure the community are involved as much as possible – testing new products, providing feedback, etc. We read every comment and take your suggestions on board. As you all know, we are heavily regulated (which is a good thing) but this means sometimes news is slower than usual to share – we try our best! What you guys can do is; share with your friends, support us in other groups and keep active on twitter, telegram and our social media channels. Everyone here wants to see the growth in Baanx and BXX adoption- and word of mouth is important.
Q9) I’m confused because BXX has two Smart Contracts ( New and old) . Can you explain why there are two SmartContracts for the same token? What is the difference between the two Smart Contracts? then have they been audited?
Q10) Can you share your social media links so we can keep ourselves updated??�
Thank you all for your time, know I can鈥檛 get to every questions, but please follow our channels to stay tuned, and ask us anything that is on your mind 馃憞:
And this was the end of our AMA with Baanx BXX .
if you have any other questions you can ask here:
Website :- https://www.baanxapp.com/
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Twitter :- https://twitter.com/Baanx_BXX
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