BABB, a socially focussed P2P mobile banking platform, has announced the ReDeFi project, a new decentralised FMI (Financial Market Infrastructure) platform, that merges the reliability of traditional finance with the immutability of blockchain technology. ReDeFi eliminates many of the traditional barriers to financial inclusion. BABB is hopeful that this will usher in a new era of enhanced transparency, efficiency and affordability in financial transactions.
Central to ReDeFi’s vision is the Onchain Money model. The Onchain Money model is a tokenised deposit system that preserves the singleness of Money principle (the idea that all types of money should carry equal worth in a given denomination, be universally recognised for transactions, and be freely exchangeable with any other currency form without diminishing in value). Onchain Money distinguishes itself from the volatility of cryptocurrencies and the limitations of stablecoins by offering a blockchain-based representation of fiat currencies like GBP, directly mirroring funds in traditional bank accounts without necessitating token issuance.
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Onchain Money is at the heart of ReDeFi
Onchain Money integrates smart contracts into the existing infrastructure that banks and financial institutions use, providing value and convenience, while Onchain Money can be sent to and received from any supported bank (local or overseas) using traditional account details.
ReDeFi will be launching its layer-1 blockchain with Onchain Money to follow, before the IDO and token sale this year.
ReDeFi and Onchain Money is the brainchild of BABB, a fintech mobile banking platform established in 2018 that promotes financial inclusion and social impact by enabling cost-effective financial solutions.
Rushd Averröes, Founder and CEO, ReDeFi, said: “At the heart of ReDeFi is Onchain Money, a new model that blends traditional banking with the efficiency of blockchain technology, thereby reforming and augmenting, rather than replacing – existing monetary systems. We are hugely excited about the potential of this new model for everyday people, businesses, banks and governments around the world.”
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