Sean Salloux：Hey there! I’m Sean Salloux, Baanx Chief Revenue Officer.
499Block：So now our ama will officially start. Before that, we ask @BaanxCRO to make a short self-introduction, and how @BaanxCRO got into the blockchain industry?
Sean Salloux：I’ve spent the last 25 years developing fintech products and leading global tech companies at the VP, board, and C-suite levels. Played key roles in developing and launching two unicorns in their early startup phases: Vungle and WorldRemit. Also launched the world’s first e-wallet on a credit card back in 1999 for MasterCard and in collaboration with major Korean and Japanese banks. Since then, I’ve launched mobile and digital products for several global financial players including Gemalto, MasterCard, WorldRemit, and others.
499Block：That was Impressive experience, great, so let’s start today’s first question of BAANX.
How does Baanx open up the exchange channels between cryptocurrency and legal currency of various countries? What resources does Baanx have available?
Sean Salloux：We bridge fiat and crypto by: allowing users to spend crypto seamlessly on Visa, Mastercards, China UnionPay — physical and virtual debit cards. We also have fiat on/off ramps, remittance, secured lending against digital assets, and other services. All designed to make buying, selling, and spending crypto and digital assets as easy as using fiat.
Baanx has some top investors, and has raised over $15m in equity funding in last few years. Investors include British Business Bank, Blockchain Founders Fund, Tezos, BankToTheFuture, Seeders, Angel Investor Network, Penu Investments, Angel’s Den, Monsas, and other blockchain and crypto investors in USA, EU, and Asia.
499Block：Such a strong resources with this promising project! And then comes the second question: How does Baanx make it possible for users to borrow with zero interest, and at the same time give deposit users income?
Sean Salloux：When you receive the loan in stablecoin you will want to spend it. When you spend it Baanx makes a very small load fee. With the BXX staked we have the ability to use it to generate more revenue. Users can use other services that we have small fees for — liquidating crypto assets, fiat on/off ramps (acquiring services), etc.
499Block：It sounds great, this might be the most practical and user-friendly option so far. So the third question: What is the difference between the financial services provided by Baanx and DeFi? Compared with traditional banks, what are the differences and advantages?
Sean Salloux：I think we are quite unique in the market, and have some advantages for users and big communities:
1. Faster than a bank — secured lending will be approved and money in your account/on a physical or virtual card in less than a minute. Assets are backed by customers’ digital assets, so this is secured lending.
2. No need for background checks for lending once the user has onboarded. Once they are a user, no additional checks or fees to get a loan. ‘One click’ lending.
3. 10% LTV for BTC for free. LTV = Loan to Value. Example: for every $10,000 in wallet, we will lend $1,000 interest free. (10% of asset we hold)
4. Cheaper — 0% interest rates when staking BXX. If they hold BXX, we will up to 50% LTV
5. We charge some of the lowest load and transfer fees, and we do not charge remittance fees.
6. Also, one key thing is accountability. Baanx is taking responsibility- we are listed on the temporary register for crypto assets under the FCA regime, access to EMIs, and a consumer lending license in the UK.
BXX is the Baanx token that users can use to get these and other ‘free’ services. The more BXX they hold, the less expensive services they can get, like secured lending, debit cards, etc.
For example, if they hold $100 in BXX, they get a free debit card they can use anywhere Mastercard and Visa are accepted. Including cash withdrawals at ATMs worldwide.
499Block：Awesome, you said very clearly, and compared to other projects and financial institutions, BAANX’s advantages are very obvious! Which brands and institutions does the CL bank card launched by Baanx cooperate with, and which merchants can pay and use?
Sean Salloux：Crypto giants — Tezos are an investor and client of Baanx, we will be launching the Tezos Crypto Life App, card and secured lending for the Tezos foundation in a few weeks, globally. Some are white label so have their own branded cards, but services, like secured lending, are driven by BXX token.
499Block：To be honest, I can’t wait to learn more about the Baanx. Very good news for African friends also. Now Let’s move to the next question. Most countries are not friendly to cryptocurrency policies. How does Baanx ensure compliance?
Sean Salloux：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 have access to a UK credit broking license, and access to EMI (Electronic Money Institute) licenses in the UK & EU. 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.
We are listed on the temporary register for crypto assets under the FCA regime in the UK.For compliance, we have a world class team in USA, EU, and use us AI as part of the KYC/AML processes.
499Block：The European region has a relatively high level of acceptance of cryptocurrencies. In other regions with strict regulations, what development strategies does Baanx have?
Sean Salloux：We partner with local regulated entities — and in some cases, work directly with local regulators to help expand access and acceptance. I speak at conferences, and also am invited to present privately to boards of banks, governments, and payments industry players on the future of digital assets and banking. Slowly, but steadily, the world is becoming more accepting of digital assets.
499Block：Great strategies! The world will be more accepting as good projects like Baanx come out. Now we have the last question of today’s AMA.
What is Baanx’s token and how is the token model designed? What are the rights and application scenarios of token holders? “
Sean Salloux：BXX — is the token powering the ecosystem with free secured lending & services. Value grows from usage and BXX has a range of use cases such as: ‘interest free’ secured lending against Cryptocurrency for increasing levels of BXX staking + bonuses. Also crypto friendly physical and virtual cards, low cost remittance, FX, and making it easy to spend your digital currencies. Then saving, investing, and other products in the future.
We bring these products and services to ANY community — exchanges, fintechs, DeFis, wallet providers, etc. and it is all driven by the BXX token.
The more BXX users hold, the lower their costs of using our services. Our model is designed so that we leverage the large communities of our corporate clients- like Tezos to roll out to their customer bases. Even when it is a custom designed card or fiat on/off ramp, it is all Baanx and BXX powered technology and services ‘under the hood’.
You can trade BXX on MEXC global (https://www.mexc.io/exchange/BXX_USDT) and Uniswap (https://v2.info.uniswap.org/token/0x54f9b4b4485543a815c51c412a9e20436a06491d).