British blockchain-based banking platform Babb raises $20m in a sold-out token sale

After successfully raising $20 million in a sold-out token sale, British blockchain-based banking platform Babb is now setting its eyes on establishing its first ever  bank accounts before the end of the year.

The move is quite ambitious for the FCA-authorized payment institution Babb (Bank Account Based Blockchain) since they aim to form a decentralized banking platform.

This decentralized banking platform hopes to give anyone around the world a bank account, payment card, and access to its global peer-to-peer network.

With their latest move, Babb also hopes to develop a platform and a mobile banking app and decentralized payment card, the Black Card.

To be launched on the fourth quarter the new app is very interesting since it allows anyone to open bank accounts using face and voice recognition and make domestic and international transactions, with more advanced functionality to follow in 2019.

If everything fell into place, Babb could also get a full UK banking license by the end of the year.

Once Babb gets the UK banking license it will become the first regulated blockchain bank in the world.

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Peter Schmidt is a journalist focused on latest technologies in banking. Peter Schmidt is a senior writer and video host at TheOofy. He also hosts a podcast about tech finance. Previously, Schmidt was a finance reporter for Mashable and has been a contributor at APA, Fortune and Forbes. Schmidt has a Master's in Journalism from Heidelberg University.