We started Babb back in 2018 because we envisioned a financially-inclusive world in which everyone has access to basic financial services just the same way as access to basic resources like water, food, and shelter. Babb was born out of the sheer necessity to create a bridging platform that removes middlemen, reinstates fairness, and connects people globally.
The Initial Push
In our first funding campaign, we raised 18,000 ETH from over 10,000 investors from 130 countries. A true testament to our community-driven ethos.
The Backup Push
In 2019, a backup fundraising campaign was launched where we successfully raised USD 1.7M from over 1,100 investors.
Babb Remit Gets Regulated
In 2020, Babb remit was regulated by the FCA and received the SPI (Small Payment Institution) license.
The Babb App Gets Going
In 2020, we launched our MVP, a crypto wallet offering micro payments and P2P transfers for Babb users.
Babb Serves the Pandemic
In 2020, Babb reacted quickly to the COVID-19 pandemic and unveiled its fundraising section which provided overseas fundraising opportunities to those who need it the most.
Babb Expands Its Reach
Babb joins the SWIFT payments system as a direct member to expand its financial services to the world with an aim to reach more and more remote areas and better serve the micro-economy.
Babb Gets Connected
Babb gets connected to the UK Payment Systems and gets the SEMI (Small Electronic Money Institution) license to improve its payment infrastructure and offer further financial safety and security.
Babb Goes To Yemen
Towards the end of 2021, Babb received the pre-approval from the Central Bank of Yemen and launched its pilot project focused on a stablecoin platform in Yemen to serve as a foundational case study that can then be applied in other parts of the world.
Babb Gets Approved by the FCA
In December 2021, Babb gets the FCA cryptocurrency approval to enhance its service and offer even more financial safety and security to its users. Babb has become one of 22 crypto currency firms in the UK to have received the sought-after “registered” status from the FCA. As one of the registered cryptoasset firms, Babb will be under the responsibility of the FCA when it comes to supervision and enforcement of the anti-money laundering and counter terrorist financing front (FCA, 2021).
The Rise of Currency X
In April 2022, Babb launched its bundle of Currency X™ regulated stablecoins with the addition of GBPx to the Babb app as a start. This move aimed to offer users less fees on cash-in and cash-out while also bringing more stability and security in handling digital funds on the platform. This milestone marked the awakening of Babb 2.0 following the trends of DeFi 2.0.
BAX Gets an Upgraded Contract
In June 2022, BAX got an upgraded smart contract that enhanced security, future-proofed the token by making it upgradable, and adding more functionality like multi-chain compatibility. This was achieved while assuring exchange trade is unaffected during the token swap.
Babb Expands to Eastern Europe
Towards the end of June 2022, Babb joined forces in signing a business partnership with LHV Bank from Estonia to widen its network and serve even more Europeans from the East.
Babb Gets Even More Connected
In 2022, Babb worked on reinforcing the app’s payment infrastructure by getting even more connected to the UK payment system for real-time fiat on ramp and off ramp to prep the scene for the addition of the Currency X™ bundle of stablecoins.
Babb Takes It a Step Further
Throughout 2022, Babb was constantly researching the Active Hyperledger Fabric but things are still in R&D and more details will be out in due time.
Babb Improves Financial Security
In 2022, Babb improved security on the app to offer users a more private and safe environment to handle and store their digital funds. A refined eKYC (electronic Know Your Customer) process was introduced along with 2-factor authentication, CAPTCHA checks, and enhanced backend processes such as a new and improved registration flow.
Babb Setting the Trend
The year 2022 witnessed a big shift in blockchain and cryptocurrency trends championing a more realistic approach to how we look at blockchain-backed projects. The rise of DeFi 2.0 saw more and more known brands utilizing blockchain for good use. Babb was also fast to act and developed its hybrid wallets with legacy bank accounts and sort codes (SEMI) to bring in the trend and add credibility to its banking experience.
Babb App Gets a Facelift
With all the improvements and additions made in 2022, Babb introduced an updated look and feel to the app introducing a new section for stablecoin wallets, new safety features, a new registration flow and prepped the scene for exciting new additions to come.
⊛ Add USDx and EURX to the Currency X™ family
⊛ Connect to SEPA payment network
⊛ Join the Open Banking Initiative
⊛ List BAX in a new exchange (Tentative)
⊛ Raise Series A equity
⊛ Test hybrid wallets with legacy bank account and sort codes
⊛ Launch Babb’s own DLT (Direct Ledger Technology)
⊛ Launch the hybrid wallet with Bank account capabilities
⊛ Open up an office in Austin, TX
⊛ Open up a business development project in Dubai