Bank Account Based Blockchain (BABB), a UK-based blockchain banking startup, has raised $20m in its initial coin offering (ICO) to launch a blockchain banking accounts by the end of this year.

The blockchain-based banking platform is developing a decentralised banking platform that will provide users with a bank account, payment card, besides giving access to its peer-to-peer network.

BABB CIO Paul Johnson said: “We’ve got good feedback from the Bank of England and we’ve now got a second stage meeting with them to go through our business plan and explain how BABB is going to comply with regulations and meet our own objectives.”

The fund will be invested to speed up the development of the banking platform, mobile app and payment card.

The company will roll out its mobile app in the fourth quarter of 2018, after a prototype that was launched last year.

Initially, the mobile app will allow users to open a bank account using face and voice recognition and make domestic and overseas transactions. BABB will add more advanced functionality next year.

BABB hopes to receive a full UK banking license by the end of 2018.