Baanx Will Become the ‘Amazon’ of Crypto Banking & Digital Asset Management
The world is changing. Technology is evolving and institutions are crumbling, reforming and being replaced across every industry and region. The 2008 financial crisis did not merely bring the global economy to the brink of collapse; it permanently shook many people’s faith in the banking system itself, and the financial practices which had held sway for so long. Shortly after this crisis began, the original Bitcoin white paper was published. A new vision of decentralised, technologically-driven financial freedom was unveiled to the world, and the blockchain era began.
At Baanx, our goal is to expand on this vision by not simply launching a new currency, but by creating an entirely new blockchain-enabled banking ecosystem, where users can create their own banking institutions to serve their own brands, issue and receive loans, privileges previously reserved for legacy banking institutions.
Decentralised financial democratisation is within grasp. What might it look like when it comes into fruition? Some bold experiments in fintech by older companies offer a glimpse.
Amazon Enters the Banking Game
Many people may not be aware of it, but Amazon has been offering financial services for some time now. Tens of millions of people use Amazon Pay, a service which stores payment information (such as credit card numbers) for online purchases, and the company has actually been issuing loans to small business (over $ 3 billion so far) as far back as 2011.
Perhaps the closest banking-like service the company has offered to date is Amazon Cash, a service where users receive a barcode from Amazon. Users can then go to participating brick and mortar stores like CVS or 7 Eleven, show their barcode using their phone, and add to their Amazon Cash balance using actual cash. Their online balance is updated immediately, and they can use it to make purchases on Amazon.com. This quasi-debit card service was perhaps a test run for the next step in the company’s evolution toward becoming a fintech services provider.
In March of this year, Bloomberg published a story detailing that Amazon was considering offering checking account-like services to its customers. While Amazon seems to have its tentacles in just about every industry these days, they are clearly not a bank, so how did they plan to do this?
Amazon went on to form a partnership with JP Morgan to carry out their vision of online checking accounts within the Amazon ecosystem. The advantage of doing this is that it allows them to share JP Morgan’s banking license. By partnering with an established name in the baking world, they can leverage JP Morgan’s financial credibility and infrastructure, and begin offering their Amazon Checking services to their customers. This will allow customers to pay directly from their accounts and not have to pay the middlemen who facilitate payments such as VISA or MasterCard.
Baanx: The Amazon of Crypto-Banking Services
While Amazon’s vision is impressive, it is still locked in the fiat-currency paradigm, and doesn’t take into account the emergence of cryptocurrencies.
As we took notice of stories like this while working on Baanx, we couldn’t help but wonder: what if there was a way that ordinary people and small businesses could offer their own banking-like services, while also incorporating the advantages offered by cryptocurrencies?
That’s exactly what we aim to do with Baanx. Using our banking license, users can create their own branded crypto banks and begin offering fintech services to their users, just like Amazon. And with our leadership bringing over 100 years of combined banking experience to the table, we’ve got the credentials, skills and knowledge to to make it happen.
Imagine if you could do the same for your business? If your customers could open their own accounts with you, and buy and sell with cryptocurrency?
What if you could bypass middlemen payment processors, and increase profitability? What if you ran a nonprofit organisation, and wanted to issue loans to foster economic growth in your community, or in a developing country? What if you could offer financing, loans, and more to the tens of millions of “unbanked” people who currently lack access to modern financial services?
By becoming a Baanx Open API network partner and creating your own branded cryptobank, you’ll be able to do all of this and much more. This Open API network for building and launching bespoke crypto banks is arguably the most ambitious part of our vision, and possibly the most disruptive element of the whole Baanx ecoystem.
Some people launch tokens to change one business model, or one industry. Some are just in it to make a quick buck.
We want nothing less than to revolutionise and democratise the branded banking phenomenon so that ordinary people like you, and not just tech giants like Amazon, can be a part of it.