Forty Seven Bank is a revolutionary idea in the world of financial services.
The platform projects itself as a modern universal bank designed to benefits users of both cryptocurrencies and traditional fiat currencies (cash).
What Forty Seven Bank does is to integrate crypto and fiat as well as connecting the dots between traditional technologies and the blockchain in a seamless manner.
Built by a team well versed in finance and IT, Forty Seven Bank guarantees that the project will deliver as promised with features that could potentially change how we bank in the future.
Forty Seven Bank will provide innovative, secure, and user-friendly financial services and products for every type of client base including individuals, businesses, developers, and even government authorities.
Find out more as we cover Forty Seven Bank in today’s article.
Before we move on, it’s important to understand the context behind the formation of Forty Seven Bank
According to CoinMarketCap, there are nearly 1,000 crypto assets at the moment with a total market cap of over $200 billion. Experts suggest that the figure could easily cross the $1 trillion mark in 5 years.
Other than the increase in market cap, there is also the trend of moving away from centralized to decentralized markets, an idea suggested by the European Commission which obliges financial institutions to grant them access to their various products and services via APIS.
This integration will also help digital assets (especially cryptocurrencies) to establish itself in the financial world, hence bringing much-needed efficiency and transparency to the market.
However, the digital assets market is mostly unregulated with companies commonly facing problems like struggling to convert gathered funds into fiat currencies and then use them as capital as a digital asset is neither an equity nor liability for now.
Hence, Forty Seven Bank was built to overcome the problems of digital assets as well as increasing mass adoption by the public.
The platform also aims to become a modern universal bank both for users of cryptocurrencies and the traditional money system that is acknowledged by international financial organizations and corresponds to all the laws and regulations.
Forty Seven Bank will also become the biggest institution that corresponds to all the requirements of regulators and the EU Payment Services Directive 2 (PSD2).
The platform is 100% compliant as it follows Know Your Customer (KYC) and Anti-Money Laundering (AML) policies in order to safeguard the security and privacy of users.
ICOs are also focused on heavily by Forty Seven Bank.
ICOs are a great way to businesses to raise money and financing for their projects and at the same time, it presents a real opportunity in the market with the potential to disrupt how businesses raise money today.
Hence, Forty Seven Bank will be supporting businesses by providing open-source due diligence on ICO projects as well as becoming rating agencies for them while helping with smart contracts and escrow services.
Forty Seven is based on three principles: relevance, convenience, and security.
Aside from the three core principles, the platform also incorporates and deploys the most up-to-date innovative technologies available right now such as blockchain, biometrics, smart contracts, and even machine learning!
All of this comes together to allow Forty Seven Bank to provide services of traditional banking to users of cryptocurrency as well as showing the benefits of digital assets to users who may not know much about it.
Easy cryptocurrency trades and exchanges
A great feature of the platform is that cryptocurrency transactions can happen within a bank’s application.
By using mobile applications, Forty Seven Bank’s clients will be able to buy and sell any type of digital currency at a bank’s internal exchange with low fees and an extremely short waiting time.
This also includes conversion from cryptocurrencies to fiat or vice versa–like an exchange.
Access to multi-asset accounts
Forty Seven Bank also provides users a multi-asset account which gives customers access to and control of both cryptocurrency and fiat assets in one place, through an easy to use and intuitive interface.
The application of biometric identification combined with the blockchain allows users the ease of access and the capability to their manage multi-asset accounts. This can happen from anywhere in the world with only a smartphone or ATM and without the need for a physical card.
Use cryptocurrencies like real money
Forty Seven Bank’s merchant payment services enable clients to start accepting money on cryptocurrency accounts, cards, or via SWIFT transactions.
With the API, businesses will also be able to transfer crypto assets to their company’s account easily.
This feature is further extended with the ability to accept cryptocurrency payments from buyers in online-stores, on websites, or even mobile applications which are all set up without any hassles.
Funds transferred in cryptocurrencies will automatically be exchanged at a selected bank’s internal exchange rate and accredited to the business’ account in fiat.
As mentioned earlier, the bank is fully compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies which guards the ecosystem against shady operators as well as frauds or scams.
Forty Seven Bank will also include high-end encryption and biometric ID verification to protect and secure the integrity of personal and sensitive data of users on the platform.
Here are the details of the upcoming Forty Seven Bank token sale:
Token name: FSBT
Token base: Ethereum (ERC-20 compliant)
Token supply: 55,319,149
Token sale duration: 16th November, 2017 – 16th December, 2017
Token sale target: 180,000 ETH (hard cap)
Token exchange rate: 1 FSBT = 0.0047 ETH