BABB App announced that it is building a bank that is based on the implementation of permissioned blockchain using Ethereum Smart Contracts banking platform, Finextra reported.

The Ethereum smart contracts platform is being developed by BABB Ltd and the platform will operate a decentralized information model. The operation aims to minimize the costs while maximizing data fidelity and security.

“I believe BABB’s plan to bring banking services to everyone, through the blockchain and the latest mobile technology will both provide new features not seen in the high street banks and include many who have been excluded from the traditional financial system. The Company expects to soft launch the app Q2,” Guido Branca, CEO of BABB App Ltd stated, as reported by Finextra.

With BAAB, users can leverage their social connectivity and money in new methods in a much controlled and transparent way through a smartphone application. The BAAB App is being regulated currently as an Approved Payment Institution (API) by the FCA. The company is focusing for a full banking license and has also applied for the FCA Sandbox.

Users who download BABB App will get a selfie and a voice print and gets a UK based account upon activation. In June last year, BABB APP was accepted into Level39 Accelerator Space at One Canada Square in Canary Wharf, which is the heart of fintech revolution.