Cryptobites with Baanx - AMA Recap
We’d like to thank everyone who joined our AMA Twitter Space on Wednesday. We truly appreciate our community and were more than happy to answer any questions about BXX and the Baanx ecosystem.
But in case you missed it, here’s a recap on our most asked questions, and our responses to them.
- Why was Ethereum chosen to hold the BXX token over any other blockchain?
Baanx launched around 2017/2018 and at the time, we found that Ethereum was the easiest network to create tokens on. We also found at the time that gas fees were relatively low.
We also build our ecosystem around the Ethereum network, so it made sense that our token would also be built on there. That being said, we did explore other alternatives such as Stellar and other networks, but they were not as well established during the time. We may look to explore a migration in the future, but at present we will be sticking with Ethereum for now.
- Why should potential investors buy BXX?
BXX is the token behind a number of Baanx and client applications, as well as several features that we hold within the system. We also have some new features that will solely be for the BXX token, such as cashback.
As well as new CEXs and DEXs coming in the following weeks/months to help drive its price and utility, buying BXX allows you to have a say in our community. We are taking a lot of the feedback offered in Telegram and Discord from our community to see what you would like to see next. You could liken the BXX token to that of a passport into the ecosystem.
- Why are there no marketing campaigns to drive BXX?
There are actually a number of campaigns that we have done. For instance, just last month we hosted a Twitter Space with Reef Finance to discuss the project and what’s happening behind the scenes. We’ve also got plenty of upcoming spaces with other clients and industry leaders.
Last week, Kieron Cartledge, our Global Sales Director, personally took part in a written AMA on Telegram. On top of that, we have published podcasts about Baanx, BXX, The Tezos Crypto Life App, our work with Ledger and more. So, there’s definitely marketing out there.
We have applications in Facebook, Twitter, Linkedin, Google as well as more crypto-friendly places to give us more reach. However, what we need to remember is that the world of crypto, DeFi, CeFi and the like has become increasingly monitored by social media giants like Facebook and Instagram. Therefore, our marketing team is always looking for opportunities to be seen in a wider space.
On the whole, we’re definitely not being quiet on the marketing side of things! We also have plans for more Twitter Spaces, AMAs, events and even some face-to-face meetings.
If you’d like to make some suggestions, head over to our Discord channel on the “Ideas and Feedback” section and tell us what you’d like to see more of. We’re all ears!
- If BXX didn’t exist, how would this impact Baanx?
BXX was the birth of Baanx. Without it, we wouldn't be where we are today and all those who stake, buy, sell or just HODL it help to continually power our ecosystem.
The token is always behind the scenes and so are we to create new ways of adding utility. As it sits right now, the BXX token is a way for our holds to make money. By staking the asset, in turn these staked assets are used as a liquidity pool against Cryptodraft products. The more BXX is held and staked, the more competitive we can be with the Cryptodraft aspect.
Not only that, but other utilities are also on the way! They’re not live yet, but will be during the Ledger project, such as cashback, lower LTV rates, greater spending limits and more.
So if BXX didn’t exist, Baanx wouldn’t exist - it’s as simple as that. The bridge between fiat and Web3 solutions that we are building wouldn't exist. The BXX token, just like our product offering, is ever-evolving and as a holder so are you! We are part of a revolution!
- What is the timeframe of BXX being used to allow greater spending on Cryptodrafts?
We will be releasing the Ledger project to a selected few who are on the waiting list this month. This utility will not be in there at this point, as we need to ensure that we are delivering the core requirements of our partnership (in that case, Ledger).
We do, however, have this utility for the BXX token set up in the spring board planning and we are expecting to have this in Phase 2 of the Ledger release and launch. This is going to be huge, as users will be logging into Ledger, utilizing the application and getting the opportunity to experience all that we have to offer.
From there, we will launch the second version, which will have this capability within the system. We are currently in talks of when the date of Phase 2 will be, and will update you all as soon as we have anything more to add to this. But overall, the utility of BXX in this project will be to allow you to have greater lending capabilities.
- What companies are making use of Baanx?
Baanx has nearly 30 clients. Some of these are NDA’d so we can’t list them all, but here are some key clients that we’re working with:
First is Tezos, which is one of Baanx’s earliest investors, and we’ve continued to maintain a strong relationship. Together, we have recently launched the Tezos Crypto Life App, and will soon be releasing the TCL card.
The TCL App lets users enjoy the benefits of DeFi, with the full security and convenience of traditional finance. Users can buy, sell and exchange cryptocurrencies with no hidden fees, as well as access Fixed Term Cryptodrafts. This gives them 50% of the value of their Tezos wallet (interest starting from 0%), full control of how much they want to borrow and for how long, and free withdrawal of their collateral at any time.
We will also be launching the Tezos Crypto Life Card very soon - a secure and easy-to-use cryptocard which enables quick and seamless crypto spending* and integration of up to five crypto wallets at a time.
Next up is Ledger. Highly acclaimed for their secure ecosystem, we are extremely excited to be working with Ledger on their new cryptocard. This new and avant-garde product offers a variety of cardholder benefits, including seamless crypto spending with instant conversion to fiat at the time of purchase, up to 2% cashback and Flexible and Fixed Term Cryptodrafts. We’re also planning on launching a crypto Paycheck feature, which will be announced soon.
Another exciting project we’ve been working on is the Reef card. Reef is an EVM-compatible blockchain for smart contracts that offers low fees, high scalability and an excellent user experience. Reef’s aim is to combine their ecosystem with a debit card through unique features. Users can spend their $REEF tokens at over 40 million global merchants, and will only have their tokens converted to fiat when they use the card. Reef also aims to integrate its low fees by offering its users a free card, as well as plans to subsidise fees, create tiers and offer staking opportunities.
We also have other clients, like Kinesis Money, Akoin, RioDefi, and a number of others.
- What countries will soon be available to use the Baanx card?
Currently, it’s available in the UK and EEA. We also plan to launch to the USA with Ledger soon, as well as look at other regions in the future. We have the correct issuance and partnerships with Mastercard, Visa and UPI, but at a local level we need to ensure we are working within regulation.
- Are you going to enter more exchanges?
Right now, we are on MEXC and UNI-swap. However, we are speaking with two very large DEXs and the proposals have been submitted to the DAO. We also have conversations on-going with other exchanges.
- Are you planning on putting multi-chain on your roadmap?
Not right now at present. That being said, this year we will be looking into other ways to bring other chains into the BXX community. We have explored networks like BEP20, Tezos, Solana and Stellar, but these are still in the early stages.
- When will Baanx extend to Africa?
We actually have the Akoin card launching soon! We are at the final stages of app development with them, as well as wallet integrations and compliance go-live stages. We understand that things have been slow, but when entering a new market, we have to be extra vigilant.
Once again, we’d like to thank you all for your questions and for engaging with this week’s episode of Cryptobites with Baanx. Make sure to stay tuned for future Twitter Spaces, AMAs or any other exciting announcements that you won’t want to miss!