BABB, crypto wallet banking and donation app, announced it has incorporated a cash-out fiat gateway with GBP / EUR conversion across 36 countries across Europe.
Users can convert fiat currency (£/€) to BAX, which is the native token of the BABB, and then send it without having to go through interbank networks, as well as not having to pay FX conversion fees, an official announcement revealed.
Then, the tokens can be converted to fiat and withdrawn to a bank account in 36 new European countries, including Switzerland, Germany and the UK.
Alternative to Traditional Remittance
Regarding the measure, the company clarified that the new feature, together with the “poor” exchange rates, solves the slowness of the traditional P2P remittance system, in addition to the operating costs that this has.
David Taylor, the chief marketing officer at BABB, commented on the traditional system of remittances:
“People who are working hard to earn money and send it home deserve the right to lose less of their funds to intermediaries. Remittance companies may indeed be cheaper than traditional banks, but they still use banking networks to perform the transactions, often balancing between their own accounts in different countries. It’s often delayed and takes a small army of operations personnel.”
BABB clarified that BAX tokens can be purchased via credit / debit cards and stressed that they could later be purchased via bank transfers “in the near future.”
Taylor noted the following concerning the role of their native token:
“The practicality, use and deployment of tokens are still in their early days, but someone has to lead the way. Ultimately, we are looking to lower barriers to financial inclusion — fundraising and donating are the first practical uses — there’s plenty more to come from BABB.”
In addition to that announcement, the company said it can now access its platform in 169 countries, enabling them to buy, convert and send cryptocurrencies. They hope to be offering the same service in the future from fiat currency wallets.
BABB will also provide its global fundraising technology services, which will now be able to cover a wide range of users around the world, adding donors are not charged a fee.
The company was active in fundraising activities that were set up in the midst of the coronavirus pandemic.