BABB, a decentralized bank startup (the initials stand for Bank Account Based Blockchain) announced on Jan. 3 that Paul Johnson, former CIO of Aldermore Bank based in the UK, has been appointed CIO.
Johnson said in a statement: “I can only see blockchain technology as the next step in the evolution of payments and asset transfer in the future. The BABB proposition highlights this extremely well with the ‘everyone is a bank concept’ and I am excited to be joining the team to build this platform.”
Paul Johnson oversaw Aldermore’s IPO in 2015 and will work to ensure BABB is fully technically compliant with all relevant UK banking laws as the project works towards obtaining a full UK banking license.
Rushd Averroes, founder and CEO of BABB: “We know that regulators would appreciate Paul’s experience from the existing banking community and we’re grateful to have him on board to help us navigate the complexities of UK fiscal and regulatory policy. While blockchain is not entirely unregulated, it is how we will use a blockchain database that will impact regulation.”
BABB is currently registered in the UK as an FCA Authorized Payment Institution, and is developing a decentralized, peer-to-peer bank that will use smart contracts and machine learning to extend financial services to users in a low cost, trusted environment created by digital identity verification.
Averroes added: “Paul’s wealth of experience in planning for growth, resilience, cyber security, regulatory compliance, business operations and go-to market strategy will be of great value to BABB’s long term vision. We want to enable everyone to benefit from a banking, payments, and peer-to-peer lending services regardless of their background, location or income.”
The BABB ICO presale will open Jan. 15, 2018. To learn more about BABB and the upcoming token sale, visit https://getbabb.com/.