Forty Seven Bank: If a BANK is too big to fail, then it’s too big to exist.
January 22, 2018 7:09 am,
The ideas of Forty Seven Bank are built upon the shoulders of the old financial institutions. Their team is highly experienced in the old ways of the market, as well as the crypto-scene. It is spearheading the way into the future and expects their ideas to be picked up globally and quickly supposing their success.
Due to this, they will be able to combine standard bank operating procedures with the technological advancements needed for a bank to operate properly within the blockchain.The bank is going to be specializing in digital finance services by fully supporting cryptocurrencies and traditional fiat currencies. Basic cryptocurrency procedures include the sale and purchase features, investment and exchange options and crypto-saving and current accounts.
Forty Seven Bank Token (FSBT) is a cornerstone of Forty Seven Bank infrastructure. FSBT tokens will be demanded by partners-developers in order to be able to upload their fintech applications into Forty Seven Bank App Platform.
FSBT will also be demanded by businesses in order to improve the effectiveness of financial and operational activities via smart contracts. For private customers FSBT tokens will give several benefits in using Forty Seven Bank products and services, as well as token holders will be top priority customers of the bank according to the loyalty program and will get loyalty rewards on yearly basis based on the performance of the bank. After the crowd-funding campaign is finished, FSBT tokens will be available for trade at various cryptocurrency exchanges.
It will be a fully digital innovative branchless financial institution which complies with all EU directives, Basel III, Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England requirements.
Multi-Asset Account will be one of the featured innovative products offered by Forty Seven Bank – it will allow customers to have access to all their accounts in different banks and crypto wallets as well as to their investments and savings in cryptocurrency and fiat equivalents via a single application. It will be possible to operate with each asset type accordingly by having only one Multi-Asset Account at Forty Seven Bank.
They will come up with unique crypto products like bonds, futures, and options. Our goal is to invent such marketplace and take the leading position in both short and long-term perspectives. Companies will be able to attract finances via product invented by Forty Seven Bank – Crypto Bonds. Cryptobonds will be traded on various exchange platforms (mainly at the one developed by Forty Seven Bank).
A big problem faced by many attempting to jump into this quickly growing crypto scene is that of the complexity of it all. Most have a good understanding of how their currencies work, and there’s plenty of third-party institutions out there that smooth out some of the more complicated processes such as currency exchanges and transfers. But, when jumping into something like BTC or ETH, there’s a large hurdle of the lack of services available.
The pure complexity involved with attempting to merge one’s fiat and non-fiat holdings, such as cryptos, is something only those dedicated to the currency wish to pursue at the moment. For most, they might as well be two entirely different things. However, within these problems lies an opportunity that Forty Seven Bank is attempting to capitalize on in their currently running ICO. They wish to merge the gap between standard financial institutions and services and that of cryptocurrencies.
The issues faced by those with large holdings in cryptos are multi-faceted and dependent on whether they are privately owned or business accounts. Forty Seven is attempting to address both of this clientele through multiple means.
Beyond this, there is the issue of which major financial institutions don’t deal in cryptos, for the most part, in the first place. The problem, and to some benefit, of an unregulated market.
Standard banking principles simply do not see cryptocurrencies as an actual asset. This is due mostly to the volatility of the market which requires intense diligence in assuring loans and deals stay fair on both sides of the equation.
Forty Seven Bank, obviously, sees things differently and seems excited at the potential of these markets. Especially concerning the many upcoming startups operating off of startups who are having issues turning their crypto investments into capital to get their businesses going.
The bank is going to be specializing in digital finance services by fully supporting cryptocurrencies and traditional fiat currencies. Basic cryptocurrency procedures include the sale and purchase features, investment and exchange options and crypto-saving and current accounts.
Forty Seven Bank will begin offering ways for both these parties to have their financial needs met through the companies simple M.O.:
- Financial Stability
- Effectiveness and user-friendly procedures
- Security and privacy
- Customer Satisfaction
- Market Growth
Through intense scrutiny and watchful eyes along with tailored smart contracts and escrow services, all using blockchain technology, Forty Seven bank plans to offer most services a standard fiat institution would offer as well as bridge the chasm between the two entities.
For the private individual Forty Seven Bank that has registered and verified their identity to the establishment, a litany of services will be available. This includes privately secured crypto wallets, simple exchanges between fiat and cryptocurrencies, credit and debit cards, personal loans, ATMs, invoicing services, brokerage, investment services and much more that can be found at a standard bank.
These services are not just limited to the individual, but also the startup or established business with cryptoassets that need managing. Furthermore, businesses that operate with Forty Seven Bank will be given access to Multiple Bank Accounts as needed, advanced biometric POS terminals, Payment processing in both fiat and non-fiat currencies, as well as the ability to have mass payouts in whatever currency that is needed. All of this comes along with many more features that help to ease some of the difficulty of operating through blockchain based currencies.