Tezos Integrates Baanx App to Allow Users to Borrow, Spend Crypto

 

Blockchain network Tezos (XTZ) has introduced a new app to help users manage their digital assets in collaboration with the crypto-focused fintech company Baanx Group.

The app, dubbed Cryptolife, will integrate with the Tezos blockchain, and will allow users to “save, transfer, and manage their digital assets,” according to an announcement from Tezos.

With the new app, users will also have access to Baanx’s stablecoin loan service known as Cryptodraft, that promises to unlock loans of up to 50% loan-to-value (LTV) backed by the baanx (BXX) token with interest starting from 0%. 

In addition, physical or virtual debit cards that can be used to spend crypto will also become available, the announcement said.

Baanx and its Cryptodraft service were recently granted a regulatory license from the UK’s Financial Conduct Authority (FCA), which Garth Howat, Founder and CEO of Baanx, called a “milestone” for the company’s journey in the space.

Based in the UK, Baanx is a technology company that is working to modernize financial services with the help of digital wallets, debit cards, various payment gateways, and white label smartphone apps.

Tezos is a part-owner of Baanx, along with a number of other smaller investors from the traditional finance and technology industries, according to the company’s website.

As of Monday at 12:43 UTC, Tezos’ native token XTZ stood at USD 3.89 in the market, down 3.2% for the day and unchanged over the past 7 days.

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