Forty Seven, also known as Forty Seven Bank, has the goal of creating a flexible, open, and innovative Application Platform that financial technology developers can use. Those developers can then operate within Forty Seven Bank, giving them access to the infrastructure and customer base. The idea is that developers with medium to small capital can develop white label apps that can actually compete against traditional banks. In the future, team members can see their solution disrupting the European Union’s financial sector by making it easier to enter the fintech market.
Where Is Forty Seven Based?
The physical location of Forty Seven Bank is in London, United Kingdom, but it is available around the world. The team chose the UK because of the favorable conditions for cryptocurrencies and digital assets from the regulatory authorities. They also selected this location because of its status as a financial center with worldwide importance.
What Kind of Services and Products Does Forty Seven Bank Offer?
Forty Seven Bank will offer a full range of services for both fiat and cryptocurrencies, with a specialization in digital finance services. It can provide a range of basic cryptocurrency procedures, such as selling and buying, investing, exchanging, and accounts for both savings and current accounts. There will also be unique crypto-related products, including options, futures, and bonds. Forty Seven Bank wants to be the leader for long- and short-term perspectives after inventing this marketplace.
This is closely related to Cryptobonds, one of the products invented by Forty Seven Bank that should take the cryptocurrency world by storm. Cryptobonds combine the benefits of bonds from fiat currencies with cryptocurrencies. They will be available on several exchange platforms, mostly the one from Forty Seven Bank.
The most important of the Forty Seven Bank products is a Multi-Asset Account. This account will let customers access the accounts from various crypto wallets and banks, plus their savings and investments in fiat and cryptocurrencies in one application. Essentially, those with a Multi-Asset Account can use all of their asset types without needing to have multiple accounts.
There are products and services for all groups, from private persons to businesses. Biometrics will provide security and precision. Personal banking customers can access their secure crypto tokens and wallets, IBAN, debit and credit cards, travel and personal insurance, the app, loans, brokerage services, and investments. They can make conversions, deposits, and withdrawals in fiat and non-fiat currencies.
Businesses will benefit from an overlapping list of services, including access to the app platform, invoicing, financing, Multi-Bank Account Management, mass payouts, payment processing, white label processing, smart contract management, ICO escrow, card issuing, and more. Developers will be able to access the App Marketplace, Bank as a Service (Baas), scoring, compliance and KYC services, data analytics, prediction models, and other services. The bank also appeals to traders, who can access the Forty Seven Bank Exchange or Exchanges via API and enjoy AI hedging and other services.
What Are Some Key Features of Forty Seven?
Forty Seven stands out with its service-oriented architecture, open API, use of smart contracts, adaptive security architecture, and conversational systems. Forty Seven Bank will connect the traditional financing world with the crypto community. The ecosystem will be compliant with the European Commission’s Payment Services Directive 2, which went into force January 2018. As such, this will be the very first financial institution that fully supports cryptocurrencies and complies with the full regulatory framework.
To make all of this possible, Forty Seven Bank takes advantage of the latest technology, particularly that of the blockchain. It also makes use of smart contracts, API, biometrics, and machine learning.
What Should You Know About the Forty Seven Token?
The Forty Seven Bank Token, FSBT, is a key part of the infrastructure. Partners and developers will require the tokens to upload fintech applications onto the platform. Businesses will require them to improve the effectiveness of operational and financial activities using smart contracts. Private customers will be able to take advantage of FSBT tokens and their related benefits. Those who hold tokens will also get priority for various services.
There is also a loyalty program that will include 20 percent of the previous year’s net profit, in the form of FSBL tokens distributed proportionally among token holders based on the amount of FSBT tokens held. Those FSBL tokens can also be used at the Forty Seven Bank Loyalty Shop to buy products and services, such as gift cards, hotel booking, flights, laptops, clothing, gadgets, and more.
Token holders receive access to the best products from Forty Seven Bank, including before they are available to the general public. Additionally, you must hold tokens to get full access to the hackathons, developer meetups, and White Label API and to put an application in the Forty Seven Bank App Store. Tokens also entitle you to vote on important community development projects. Your number of tokens corresponds with the weight of your vote.
Following the completion of the ICO, you can get FSBT tokens on a number of cryptocurrency exchanges. There will be a maximum of 11,063,829 FSBT generated. This figure includes the tokens for bounty, those for the founders, and bonus tokens. Ninety percent of the tokens will go to contributors, with 5 percent going to each the founders and for the bounty.
When Is the ICO?
At the time of this writing, the ICO is already in the second round. The first round took place from Nov. 16 to Dec. 16, 2017. The current second round began Dec. 17, 2017, and will go until Feb. 28, 2018. The final, third round of the ICO will be throughout March.
The rate at the time of this writing, including the current bonus, is 1 FSBT for 0.00393 ETH. Keep in mind that the current round two bonus is 20 percent. It was 30 percent during the first round and will be 10 percent in the third round. The tokens can be purchased with ETH, BTC, EUR, or USD.
While several banks have appeared in the cryptocurrency world, few offer services like Forty Seven Bank. In fact, there are certain things, such as the Cryptobonds, that you will not find anywhere else. As such, Forty Seven offers a new direction for those who want to combine their investments in cryptocurrency with those in fiat currencies and invest both types of assets in a familiar manner. It should prove popular among those who still appreciate some elements of traditional banks and fiat currencies, such as investments and bonds, yet want to expand their portfolio to include cryptocurrency.