Date & Time: June 18th, 13:00 UTC
Guests: Garth Howat, CEO of Baanx
Host: Jade Romero —Launchpool Project Manager
Launchpool was excited to host Garth for an interactive Ask Me Anything session with the Launchpool Community. The AMA comes in anticipation of Baanx’s $500k Allocation Mining Event on the Launchpool pre-IDO launchpad. The session lasted for 1hr, and consisted of questions from Launchpool Team and questions from the community.
Questions from the Launchpool Team:
Jade: Intro-ing team Baanx! Please introduce yourselves guys & say hello to our lovely community.
Garth: Im Garth Howat the CEO of Baanx, I founded Baanx in 2018 to create the infrastructure required to bridge Digital Assets with Banking services — and engage millions of users in the future.
Baanx is a crypto-as-a-service fintech platform — our mission is to be “better than a bank” and to work with our partner communities to engage them in our services across cards, lending, remittance, exchange and wallets.
Baanx operates globally, in particular in the UK and Europe, with a launch in the US with large partner communities later this year.
Jade: What makes Baanx unique? What is the project’s vision?
We have a UK Crypto-Asset registration, operate under an EMI, a Credit Broking license — and we are working with licensed partners, including VISA, Mastercard, Metropolitan Commercial Bank and various financial institutions around the world.
We are the bridge between crypto and fiat — making crypto as easy to spend, transfer/remittance, fiat on/off ramps, withdraw cash from ATMs worldwide, and borrow against your BTC or other digital assets for ‘free’.That is the pain we solve- bridging crypto and fiat via blockchain.
our mission is to be “better than a bank” and to work with our partner communities to engage them in our services across cards, lending, remittance, exchange and wallets. Via our blockchain back end, we can offer products and services less expensively than traditional financial institutions. For example, We can do free lending against Bitcoin & other coins up to 50% LTV. We bring out whitel label solutions to DeFi, exchanges, wallet providers, communities and financial institutions.
What made you choose Launchpool as your launchpad partner for the AME?
Launchpool and Baanx align in our values. Baanx wants to create a fairer world where everyone has access to digital friendly payments and related services, Launchpool wants to create a fairer platform for investors in the crypto world. Launchpool has had some great projects in the past and a very diverse community — The Lpool team are great too!
What is the total allocation you’ve set aside for the LP community? Are there any KYC / AML limitations or is the AME open to everyone? Please list any countries that are excluded from the allocation event due to regulatory reasons.
We have set aside $500k in BXX (@ $0.10) as we support their ‘democratization’ values. All limitations are listed in the Baanx.com whitepaper.
What happens after the Allocation Mining Event? Walk us a bit through the tokenomics: total supply, initial circulating supply, initial market cap, initial vesting, total vesting period (from launch until when will the last token be vested for), etc.
Allocation Size: $500K
AME Launchpool Token Price: $0.10
Price on IDO: $0.15
Vesting Schedule: 0% on TGE, vesting schedule below:
- 20% after 30 days ( with a bonus 25% (reducing overall token price to 7.5 cents) after 60 days if no tokens have been claimed from the contract)
- 30% after 3 months
- 25% after 5 months
- 25% after 12 months
Market Cap on Listing: $1.8 Million
Where does your community live? Where can we find you (social, web etc?)
Sub-Reddit account r/Baanx_BXX
Telegram Community Group Baanx_BXX
Telegram Announcements Baanx Announcements
Telegram Asia Baanx Asia_BXX
Please share more on the development & product roadmap, milestones etc. What’s Completed? What’s In Progress? What’s Scheduled?
Establish Baanx as top solution provider in the crypto space globally. Mastercard, Visa, China UnionPay physical + virtual cards, by rolling out to our 20+ signed customers
Launch 2 customers (already signed contract) in USA in Q4 who have well over 10% of the world’s BTC in their wallets. Including free lending and flexible lending facilities.
BXX- has pioneered ‘free’ crypto lending in early 2021, so we would like to be recognized as the leader and powering the top wallet, DeFi, and exchange providers.
Raise our profile in Asia by- rolling out to our 3 signed clients there, and signing 2 more large leading Asian clients. Open office in Singapore, elsewhere in Asia.
Office in USA+Middle East.
Pass 500k contracted users
Acquire USA + EU bank license/EMI via acquisition/investment
Raise $11m for above
$1B loan book.
Launch our first Telco customer telecommunications Banking service with Digital Asset services etc.Expand into South America/LATAM
Any strategic partners (aside from LP) that you can share? and who is helping with the Audit?
Garth Howat Baanx.com, [18 Jun 2021 at 14:26:14]:
There are 40 on the team now….
Audit — Blockchain Foundry Canadian PLC (Audit partners)
UK Gov (investors)
Blockchain Founders Fund (investor, advisor, strategic)
Monsas (large FX provider)
More announcements soon — including an incredible launch announcement of our biggest client yet — one of the biggest Crypto firms in the world……
How will the funds be used? How was the project funded until the AME?
We raised over $15m in equity and related methods- on places like Bnk To The Future (funded Kraken, Coinbase, etc.), Angels Network, Seeders, and 2000+ HNW and angel investors, as well as Family Offices. Since our 2018 ICO we grew from a handful of staff to now approximately 40 staff, which we will double by the end of 2021.
What is the expected cap at TGE? What uses will the token have? Any mechanisms to support the DeFi component (staking, burning, earning, spending, others)?
250m tokens is the total that will be distributed over 18 months- this will be driven by ‘free’ lending and other ‘free’ services on the white label Baanx platform. The more BXX users hold, the more rewards and discounts they will receive. This includes up to 10% of network fees for transactions. As we roll out the Tezos Crypto Life App in a few weeks, and other B2B customer on a regular basis, services will be driven by staking BXX tokens to get preferential rates.
Then finally before we open up to the community, Baanx had ICO in 2018 right? Could you tell us a little about that?
We have huge distribution through Tezos and the latest client — who have 4m users……they are enormous and a fantastic company to work with.
We did an ICO in 2018, however the market conditions were very difficult for a listing. So we continue to develop the business, build the company, clients, technology and also raised $15m+ in equity and convertible notes over the last 3yrs.
What we’ve done since:
We launched one of the first crypto friendly cards (Visa) in 2019 and sold over 300,000 cards across Mastercard & VISA, we grew staff to approx 40 staff, got investment from many strategics including Tezos, listed on the FCA website for crypto registration, using EMI licenses in UK and EEA, credit broking license, and much more!
Partnership with Tezos Foundation who are our client (we enable free lending for them) for those staking BXX. As we are launching Tezos in a few weeks, and it is powered by BXX, it was time to get BXX listed.
Old investors are helping us stake on Uniswap and are getting additional rewards.
We’re here to stay, and will be making major announcements over the coming weeks. Our ecosystem is growing, and we’d like your support to achieve this!
Now we are pushing for №1 in the infrastructure crypto-as-a-service space — and with our very high profile client base we are confident we will be there — in the UK / EEA & the US (launch Q4) with Metro Bank and VISA.
Now we’ll open up the floor to the community if anyone has any questions!
Why are they doing a second ICO (BAANX)?
We are just open to the secondary market sales, before we launch the token, in order to get as many people holding tokens as possible and supporting the project — then we will continue to deliver to our leading customers, and our roadmap (acquisitions etc.) in order to grow our traction. Which should be rapid!
So what advantage does your former token holders have, apart from earning rewards from staking?
They have bought tokens at lower prices years ago, and supported Baanx in the startup phase — their patience and commitment has been incredible!
How does the partnership deals impact the token?
Greater distribution through our partners — e.g. getting free loan LTVs in the Tezos Crypto Life App, along with our next launch later this year to one of the biggest names in the Crypto market who hold 250bln+ of Crypto.
There are others pending too….
In short more people holding BXX to get benefits like free lending and lower cost lending is good for the token.
Which companies can be seen as a competitor to BAANX and what kind of advantages do you have over them? For example, can FLEXA be a long term competitor regarding the payment systems they offer?
Flexa is more around anti-fraud — we are around full infrastructure for crypto-as-a-service — which delivers scale across many partner communities.
Thanks for your questions — its been really helpful and Jade too.
Absolutely! Thanks Garth, it’s been a pleasure having you — please head over to the Baanx TG if you have any further questions!
Baanx.com Ltd is listed on the temporary registration regime for crypto asset businesses with the UK’s FCA (Financial Conduct Authority) and is part of Baanx Group Ltd, operating Fintech payment services which utilise an EMI (Electronic Money Institution) license UK & EU/EEA and a Credit Broking License (UK).
Launchpool ($LPOOL) is a Pre-IDO launchpad. $LPOOL token holders can stake their tokens to mine allocations in upcoming projects at private sale prices. Launchpool leverages communities, knowledge, expertise, contacts and capital to provide crypto projects with the best possible start to life, maximising their chances for success in this fast moving & dynamic space.