Given the gulf separating cryptocurrencies from traditional finance, Forty Seven aims to bridge these financial worlds together to give customers the ability to seamlessly benefit from both. Central to Forty Seven will be the Multi-Asset Account that will allow customers to access different bank accounts and assets under their ownership under one platform that complies with all relevant laws. Forty Seven Bank will also use smart contracts on the blockchain to reduce costs and eliminate intermediaries.
Among the key benefits for users of the platform is that they will be able to easily exchange currencies on it. Users will be able to buy and sell fiat currencies and cryptocurrencies, send and receive payments, and check their balances and transaction history. Forty Seven Bank will also offer unique products such as cryptobonds and cryptofutures. The convenience of bringing all of these services together is currently lacking today within the financial system. Users will be able to access these services using a desktop or mobile device.
To create an account, a user must provide a passport and biometric data. The process of verifying a user will be done remotely, so that customers do not have to physically verify themselves at a location. To ensure security for users and prevent fraud, Forty Seven Bank aims to deploy fingerprint scanners at points of sale to authenticate users. Forty Seven Bank will securely store customer biometric data and will comply with European Union regulations.
Additionally, to combat fraud Forty Seven Bank will apply machine learning — a branch of artificial intelligence — to analyze transactions in real-time. If a transaction is flagged as potentially fraudulent, it will be reviewed by specialists to determine if it’s fraud. By using machine learning, many more transactions can be analyzed than what is possible by manual check. Customers can also use machine learning to monitor their spending and receive notifications according to their preferences.
To raise funds for marketing and development, Forty Seven Bank is conducting an ICO that is scheduled to end on March 31, 2018. The hard cap for the project is 10 million euros. During the ICO, the native token of the platform, FSBT, will be offered at a rate of one FSBT for 0.00393 ETH. The FSBT token is ERC20 compatible and runs on top of the Ethereum blockchain. FSBT can be used to pay for services and will allow developers to build software on top of the platform. Additionally, rewards will be given to FSBT owners each year depending on how many tokens are owned and the performance of the platform.
With the increasing tokenization of the global economy and rising popularity of cryptocurrencies, Forty Seven Bank is positioning itself as a leader in embracing this technology and connecting it with traditional banking. As among the first-movers in connecting cryptocurrencies with banking, Forty Seven Bank can potentially become a disruptive force in the global economy.
*I am receiving Forty Seven Bank tokens for the growth of the community.
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