We are excited to announce the details of our 2018 token sale.
We’ve decided to hold a new kind of token sale. We’re raising the amount of money we actually need, when we need it, and we’re holding ourselves accountable to our community; the people who buy our token and our future customers.
How it will work
We’ll issue 50,000,000,000 BAX tokens in total (you can find a breakdown of the token allocation and use of funds on our website).
Our token structure will have two phases, at least one year apart, with a product launch in between. That means that we’ll be selling a second round of tokens once the app is live and people are using BAX on the platform.
Phase one
We’re releasing 20,000,000,000 BAX in phase one, at 0.12 cents per token — making our phase one hard cap 20 million USD. The pre-sale opens on January 15, with a 25% discount. The main sale goes live mid February, with a discount structure including 15% on the first day.There’s no minimum participation in either the pre-sale or the main sale and the whitelist will be open soon (you can get updates by joining our Telegram). BAX will be listed on exchanges following the close of the main sale, meaning the tokens will be liquid from the outset.
Phase two
Once we deliver a fully working product and banking license, we expect the demand for BAX to increase significantly, and we will release an additional 10 billion BAX tokens to meet that demand, either as another token sale round, or via our mobile app. This will happen no sooner than Q3 2019, and will only happen after we deliver the following:
- A smartphone app with bank account capability and international money transfer functionality.
- A banking licence in the appropriate jurisdiction for our go-to market strategy, whether in the UK or elsewhere. We will also have a UK e-money licence in the UK, as a minimum, in addition to our current API authorisation from the FCA.
- A partnership with a leading retail or central bank in an emerging market, to open international corridors for international transactions.
The price of BAX will be determined by market discovery. We anticipate that the price will reflect the meaningful functionality of the newly-launched app and platform and the usefulness of the token.
The money we raise in the second release will be used to fund our expansion into new markets and develop full app functionality including peer-to-peer lending and currency exchange.
Why we’re doing it this way
Recent changes in the ICO market have given us cause to reflect. We’ve decided to define the structure of the BABB token sale based on a more frugal approach and a desire to hold ourselves accountable to token buyers and future customers.
The reality is we don’t need funds all in one go, and definitely we don’t need it all immediately. We don’t think that the current ICO model (raising a vast sum of money overnight, with no strings attached) is conducive to a agile development process and lean business mindset.Creativity is best fostered in a more frugal environment. We believe in the technology we’re building, we believe in the products we’re building, and we want to make good on those promises before raising more money than we need at the outset.
What this means
We have decided to conduct our token sale in a way that links the release of tokens to use of the app and token utility; holds us to account for developing the tech and obtaining a banking licence and securing internal partnerships. In this way, we believe we will maximise value for early participants.
If you’re interested in participating in our token sale, please join our Telegram community. The whitelist for the pre-sale will be open soon — keep in touch!