Rushd Averroes’ Journey – From the Babb App to Pioneering the Banks On-Chain Movement

Today we meet Rushd Averroes, a figure in the fintech and blockchain space for quite a while – a founder, a CEO and a visionary at heart willing to change the current financial system.

He started with nothing but a problem with the UK banking system, brainstormed the BABB app, acquired all necessary licenses to operate in the UK and Europe and now is willing to take this a step further through the ReDeFi project.

So, without further ado, let’s jump in on his journey.

Interviewer – “How did the idea of creating BABB sparkle?”

Rushd said,

“I first arrived in the UK as an immigrant from Yemen, and every bank refused to open an account for me.

“I paid extra fees for over two years and couldn’t integrate into the banking system, simply because I lacked a fixed address and a job. I refused to accept this.

“Bank accounts and access to finance should be basic human rights for everyone, regardless of origin or financial status.”

Interviewer – “What were the first steps you took in creating the BABB app?”

Rushd said,

“My anger and frustration wouldn’t get me anywhere. I had to do something about it. Despite financial constraints, language barriers and lack of resources and knowledge, I decided to build a global bank for everyone. It sounded bold – impossible even. Many friends doubted me, but I was determined.

“I started the first R&D from a London coffee shop, equipped with just a laptop and a smartphone, and after six months of dedicated work, BABB (bank account based blockchain) was born, complete with a robust, inclusive and regulatory-friendly business plan.”

Interviewer – “How were you able to start developing BABB?”

Rushd said,

“To finance this venture, I participated in the early Ethereum ICO and bought Bitcoin. This allowed me to form a small team of experts in technology, finance and marketing.

“We refined our offerings, developed prototypes, gained positive feedback from regulators and then launched an ICO. We raised 18,000 ETH, worth approximately $20 million at the time. It was a moment of celebration, but we knew the hard work had just begun.

“We scaled the team, engaged with regulators and outsourced some tech development to expedite delivery. But then the 2018 crypto crash hit, leaving us with a fraction of our raised funds and me personally $3 million in debt.”

Interviewer – “It was a big hit indeed for the crypto market. How did you manage to pivot and rebuild from…