BABB
Crypto Overview
Project Overview
BABB (Bank Account Based Blockchain) is a decentralized banking platform that aims to provide financial services to the unbanked and underbanked populations. The BAX token is the native cryptocurrency of the BABB ecosystem, designed to facilitate transactions within their banking platform.
Intended Purpose
BABB's stated purpose is to provide decentralized banking services, including peer-to-peer transfers, payment services, and banking functionality through blockchain technology. The BAX token is used for platform fees, transactions, and governance.
Current Utility and Implementation
The project has received regulatory approval from the UK's Financial Conduct Authority (FCA) and has developed a mobile app called 'CashBox' that enables peer-to-peer transactions and digital banking services. The platform integrates Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance.
Business Model Analysis
The business model focuses on legitimate banking services without interest-based products. The platform's core services align with Islamic principles as they facilitate direct peer-to-peer transactions and remittances without riba. The revenue model is based on transaction fees rather than interest.
Development Activity
There is ongoing development activity, though at a moderate pace. The team maintains regular updates to their platform and mobile application. The project has demonstrated commitment to regulatory compliance and technological development rather than mere token speculation.
Token Distribution
The token distribution appears reasonable with no concerning concentration among founders or early investors. Vesting schedules are in place for team allocations, indicating a long-term commitment to the project.
Crypto Impact
To assign a comfort level investing in BABB from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to BABB.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
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Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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