Banx.one: Startup wanted to open $600-billion market to new investors
SENLA supports validation of an innovative idea of a digital asset-backed global trading platform.
It’s a bold new world of blockchain ideas
Banx.one was a bootstrapped international startup, based in Israel.
Its mission was revolutionary – open up the world of real estate investment to millions of new investors. It combined the world of fractional digital ownership with the physical world of real estate, creating a new financial instrument that was more democratic, transparent, and accessible.
Banx.one had a simple idea: mint new cryptocurrency for each physical real estate property.
Aligning with a skilled partner
Banx.one had a product development team in-house in Israel, but needed an R&D partner.
We met with Vadim, Banx.one VP R&D, for a few rounds discussing our experience working with blockchain technology, ideating the architecture of the solution, and building rapport. After a few days of intense collaboration, Vadim decided to go with SENLA: we had the necessary experience, would cut the costs more than in half, and, most importantly, we were as interested in seeing the project succeed as his team was.
"SENLA = innovators. When we see a project that is far ahead of its time and can positively influence communities worldwide – count us in!
It’s an opportunity to create something nobody has ever seen before. It sparks enthusiasm and drive in our people.”
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Hacking traditional technologies and business models
After the architecture of the solution was laid out, we started working on software design, development, and testing. Our Client liked our two-week Agile sprints with Friday demos and kept this cadence for the duration of the project.
There were several modules we needed to develop and test and tie them into one system:
- Crypto market
- Tokenization of real estate properties
- Buyer and seller verification
- Back-end based on Ethereum, with secure design, supporting SSO and APIs
- Front-end designed to serve different roles, such as administrator, validator, buyer, and seller
The project had to integrate well with many 3rd-party systems, especially with identity verification systems. Each Seller and Buyer would go through automatic and manual ownership verification processes, making sure that a participant is real, their credit score is satisfactory, and the source of capital is clean and transparent.
We discovered new services we could offer to our Clients, such as DevOps and CI-CD. We successfully adapted our established processes to match the speed and agility of Banx.one’s team.
We released the first version after 4 months and continued the development of additional features for another 8 months. It allowed Banx.one to test and validate the idea and the MVP with a major consulting agency that gave the project the green light.
Unfortunately, shortly after finishing the project, the US government passed new legislation targeting our Client’s innovative idea, killing it swiftly.
The value: Innovate, adapt, learn
"This is not my first experience running an outsourced project. SENLA’s performance has been close to our own in-house teams. We had a few minor issues, but they all got resolved quickly.
It’s great working with a team that sees the big picture and doesn’t think in terms of hours or developers. Their processes are mature and at the same time, they are flexible and adapt to our ways of working. SENLA is not motivated by a higher invoice, they really want your business to succeed.
I really liked that they can provide additional services, which aren’t related to development and QA, such as DevOps and CI-CD.
I’d rate them an 8/10 overall, which I don’t even give to all our in-house teams.”
The solution passed an external audit by a major consultancy firm and was set to launch as a preview to a limited audience of investors and sellers. Unfortunately, too cutting-edge for the US government, it was killed with new real estate regulations.
Although the project was short-lived, our team brought Banx.one's dream into reality and made it possible for them to test and validate the cutting-edge idea.
Every startup comes with its own risks, but without bold new ideas, we would never have conveyor belts or shipping containers. Each of these innovative ideas took decades to become the norm and was opposed left and right.
SENLA helps innovators bridge their ideas with reality, and we are proud to have worked on this project together with Banx.one.