We can all agree the crypto industry is broad and expanding at an exponential rate. And while new technology and innovation keep popping up in the crypto space, each new technology is unique and offers a distinct feature. The Baanx ecosystem is an excellent example of a platform different from what is already in the industry.
The Baanx ecosystem is a bespoke digital asset founded in 2014. It is a platform that offers users the option to borrow and remit fiat currency globally and earn crypto rewards in return for their daily spending. Garth Howat, the CEO of Baanx, and the remaining team aim to make the platform a crypto-as-a-service FinTech.
Unlike most FinTech services that use old technologies like massive central databases, slow systems, and mainframe computers, Baanx utilizes a mobile-first approach, making its services easier for clients. There is more than meets the eye with the Baanx ecosystem, so keep reading to learn more.
Roadmap so far of the Baanx Ecosystem
Following the platform launch in 2017, Baanx became the first UK-based FinTech Company to get full crypto assets registration approval from the UK Financial Conduct Authority (FCA). It is registered as a crypto asset business under the Money Laundering Terrorist Financing and Transfer of Funds. Shortly, Baanx announced its partnership with Ledger and has seen well over 150,000 on the waitlist in only 14 days. Between 2018 and April 2021, the Baanx ecosystem has improved significantly, building infrastructure, signing up its first customers, and so on.
Another significant milestone for the Baanx ecosystem was between June and July 2021, when it launched the BXX token line on two to three exchanges. The BXX is a utility token; as such, it increases as the utility of the token increases. At its launch, the BXX token had a market cap of $25 million. The Baanx ecosystem also launched lending features in two apps (the Tezos Crypto Life app and the CL app).
From September to December 2021, the Baanx platform launched its lending feature in the Middle East and Asia. It also added the saving feature and other products to its services. Additional customers like wallet providers, exchanges, and other financial institutions were signed up. And by 2022 till date, the platform has scaled up its lending team globally with additional FT staff. It has added additional strategic partners in North America, Latin America, and Asia.
What makes BXX different?
As a utility token, the BXX offers several utility services that make it stand out from other utility services. Below are some features that make BXX unique or amongst the first in the digital asset lending market.
● Interest-free lending levels
One of the first and standout features of the BXX token is that it offers users the option for secured lending. Not only is the loan secure, but interest-free is an option not dominant in the industry. There are lending levels to stakers on the BXX token. And the higher a user’s level, the more perks they get. Users can get up to 50% LTV on ETH and BTC instantly.
● Easy approval
Another standout feature of the BXX token is that acquiring a loan from the ecosystem is pretty much easy. All it takes is a click of a button to approve your request. Also, the offramp of all loans can be made into a bank account, wallet, or platform IBAN. So, you don’t have to go through a long process of filling out forms and waiting endlessly for approval with the BXX token.
● Instant spending
As approval of BXX token loans is easy, spending it is even more straightforward. You can start spending the BXX token loan instantly. Since the load can be disbursed on a virtual card, you can withdraw cash at ATMs worldwide as long as you have a physical card. And when you spend with a physical or virtual card, you do so at 0% in the EEA, UK, and the US.
● Registered by the FCA
Because the FCA registers the platform, you can ease your mind regarding using the loan. The platform uses a lending license, so its operation is legal. The Baanx ecosystem is not owned or controlled by an offshore entity. It is based and regulated in the UK.
● Crypto-friendly corporate accounts
Even corporate establishments are not left out of this wonderful offer. With the Baanx ecosystem, corporate establishments can own crypto-friendly corporate accounts. The BXX token also makes automation for outbound and inbound straightforward. Also, it is easy to make external payments and loading receipts with the BXX token. The BXX token supports multiple currencies, stable coin payments, and crypto exchange integrations.
● Custom payment gateway
With the BXX token, users can get a BTC proxy to create a custom payment gateway. This option is great for any site with a custom buffer or wallet in or out for complete compliance. Users can also benefit from the external card payment gateway setup, which results in a lower cost onramp usage of debit and credit cards.
● Seamless integration
The utility of the BXX token is so rampant that it integrates seamlessly with ApplePay and Google. As such, users can spend BTC and other digital currencies straight from any mobile app, card, or website with no card loading required. Thanks to the KYC and AML setup, the Baanx ecosystem’s ongoing monitoring, and risk analysis, users can ease their minds when using it.
Also, the BXX token offers users the option to send crypto or even fiat currency to any mobile user for free with the TextBit feature. This feature sends the token or fiat currency using the users’ mobile numbers.
Overall, as you can see, the utility token BXX, the token that powers the Baanx ecosystem, is very useful. It benefits individuals and corporate establishments, making it a token for all. There can only be 250 million BXX coins that can ever be minted, and so far there are only about 20 million in circulation. So, the best time to invest in this token is now because when all the tokens are minted, they will only become more valuable. Moreover, before then, more utility of the token will arise, making it even more helpful.