Cryptobites with Baanx - Tezos Crypto Life AMA Recap

On Wednesday, we hosted our latest Cryptobites with Baanx episode, in which we answered questions from the community about the Tezos Crypto Life app, its benefits, features and how it works together with the Baanx ecosystem.

We’d like to thank everyone who participated and as always, we greatly appreciate your questions and feedback. If you couldn’t make this week's Twitter Space, here’s a recap of our top questions. 

  1. What are the differences between the Baanx wallet and the Tezos Crypto Life wallet?

The Baanx wallet and the Tezos wallet mobile applications have very different UXs and features. For example, within the Baanx wallet, there is no Cryptdraft product. It doesn't allow you as the user to draw down on your crypto holdings at a low to 0% interest, whereas the Tezos Crypto Life App does. The Tezos application is also in line with the Tezos ecosystem, meaning its community is wider than just that of BXX or the Baanx community. It is a larger community and is available in more countries too. 

  1. How does the relationship between Tezos and Baanx Ltd benefit you?

Baanx reached out to Tezos and was redirected to the foundation. After speaking with them, it was decided that they would like to invest in the future of crypto payments, so became an investor in the business. As part of our partnership, it was agreed that Baanx would build the Crypto Life App powered by Tezos. This would include BXX and new features, such as long term Cryptodrafts. We also agreed that we could offer staking and new utility to BXX throughout the partnership with the application, alongside XTZ. 

  1. Will the distribution of the Tezos card depend on your region or will you always receive Visa?

The very simple answer to this question is all of the Tezos cards are Mastercard. We have relationships with both Visa and Mastercard and sometimes it's about looking at the options and which programme works best for each corporate. With Tezos, we chose to use Mastercard due to the coverage, customisation aspects and the relationships we shared. We find that most EEA and UK terminals will take both programmes so this doesn't make a difference here - it only would in some of the emerging markets. 

  1. Will it be possible to get a Tezos metal card?

At present, there are no plans to launch a metal Tezos card, but never say never - who knows!

  1. Do we have to pay flat tax in France for every transaction with the Tezos CL card?

We are unable to give financial advice. Anything that relates to tax, you need to really dig into your local regulations about crypto tax. 

However, when you spend crypto on the card, without getting too technical, you are selling the digital asset to give the merchant the fiat equivalent of what you are spending. 

  1. What’s the utility of the Tezos Crypto Life app and what can I get with it in 2-3 sentences?

The Tezos Crypto Life App allows all those who use it the ability to: BUY, SELL, SEND, SWAP, RECEIVE, TEXT, LOAN, STAKE and SPEND your digital assets all in one place. Whether you want to HODL your XTZ alongside BXX and BTC or spend it, you can do it all in one easy-to-use application.

  1. Will Baanx and Tezos explore more of the NFT space in the near future?

Baanx is always looking to adapt its offering. NFTs are really cool, especially those that are on the Tezos blockchain as they are cheap, green and have some really cool artists involved in the community. However, there is nothing laid out in the plans yet.

  1. Would Baanx’s business model be affected by regional laws?

You could say that the model would change somewhat based on the local regulation, but at the same time we would still offer the core product. We can't issue into some countries as you all know, so we don't launch there. We can't offer trading in some countries without certain licences, so we make a decision to either apply for them or not. When making these decisions, we need to look at several factors - risk vs reward, user cases, the user base it would attract/what is already there.

  1. Are equity holders benefiting from promises of specific features and BXX utility existing with the CL product?

The whole Baanx team is working on giving the BXX token further utility. BXX is vital for us and we wouldn't leave it without taking it to the next phase of the whitepaper.

From day one, our priority was our community and their needs. We truly value all token holders who invested in BXX, and undoubtedly we're together in this, waiting hand by hand. Your feedback is what makes us better.

We've got many plans for the Tezos Crypto Life App and we're planning to expand its features further. Not only around BXX, but to create an app that the Tezos community is proud of. We've released this first version that provides good functionality, but for sure we're not done with it yet.

  1. Does Baanx want to be recognised as a “bank” in its own right rather than a cryptocurrency bank or financial provider?

The question is, how would you define a “bank”? If we recall history, the word "bank" comes from the Latin word "Banko" - which means a place where money and valuables are held for safekeeping. Modern banks are far from this and we’re sure many of our users agree with this.

Having said that, as a company, we aim to stay outside of the definition boxes. We have a very clear mission that's above any definition. We build better financial products than they ever could. How many large banks or lenders will allow interest-free loans or overdrafts? 

We are not here to challenge them - we are here to overtake them. In the future, who is to say that cryptocurrency will not be the only currency we use and fiat will no longer be needed? So there will be no need for any outdated fiat banking system.

This is what Baanx is doing! We're creating the future of finance, with the help of our partners like Tezos. We create products that are better than a bank. We create fintech products for the next generation - Web3! 

Once again, we’d like to thank our loyal community for their participation and we look forward to seeing you all again for next week’s episode!