Although our financial world experiences unprecedented crypto-revolution and it became an inevitable part of our life, as well as the world economy, its liquidity still remains on the low level.
We still can’t use our crypto assets as freely as traditional money. There are a lot of reasons for that, but the key obstacle for cryptocurrencies’ development, I think, is the undetermined legal status of this kind of asset. As we all know, every country has its own attitude and understanding of crypto. Some of them consider it as a new currency, some of them as an asset, like securities or gold; and even goods. As long the international community can’t reach solidarity in this field and establish its legal status, nothing is going to change significantly. But luckily, the developed countries have already added discussion of this issue to the G-20 meeting agenda. If countries reach an agreement concerning this issue, everything is going to change for the cryptocurrency’s convertibility and freedom of its exchange and use.
Currently, the majority of states’ authorities forbid their banks to accept cryptocurrencies and process related operations. It is quite well understandable because local authorities still couldn’t develop legal regulations concerning crypto assets. It looks like they all waiting for an international meeting to develop a common approach to the regulation of this issue.
Until then, all the crypto-holders, investors, miners and other crypto-enthusiasts have to find alternative ways to give value to their crypto assets. For now, it is not that easy to exchange crypto for traditional money and be able to use it for your benefit. Most of the exchanges do not provide the opportunity to sell crypto for money and withdraw to the bank account or credit card, but those who do, impose large withdrawal fees and even taxes. Frequently, we have to use services of intermediaries and lose a significant part of our income.
Of course, this situation won’t last long, `cause a lot of new startups are trying to solve this problem, suggesting their own vision. Some of them offer the exchange of your cryptocurrency to ordinary money with the following sending your money to your bank account. But I don’t see how they differ from the other intermediaries. Another thing is a bank dealing with cryptocurrency, giving you a digital account and credit card, which you can use in any part of the world. And that’s what I am going to talk about today. Let’s take a look at Forty Seven Bank.
What’s behind Forty Seven...
Forty Seven Bank is a brand new financial platform providing individuals, businesses, developers, traders and institutions with secure and high-quality banking services. Its distinctive feature is that, unlike ordinary banks, it fully supports cryptocurrencies, as well as traditional fiat currencies. The key goal of this financial institution is to build a secure transaction unit between monetary economy and digital finance.
The main advantage of this financial platform over the others currently existing in the market, is that it was incorporated in the United Kingdom and, thus, fully complies with all the existing in this jurisdiction regulative acts, such as European Union directives, Financial Conduct Authority (FCA), Bank of England requirements etc. As a lawyer, I would like to note that this is a very important feature. Forty Seven was intentionally created in a country with the positive attitude towards the cryptocurrency, in order to act according to the law and ensure that its clients’ banking accounts won’t be frozen or suspended by local authorities, as the majority of other states do. Recognition by the financial authorities is the most important thing nowadays for a bank like this to be able to process operations with crypto assets.
How it works...
Forty Seven provides its clients with Multi-Asset Accountallowing to have access to all customers’ accounts in different banks, crypto wallets (hence to their crypto assets) and fiat currencies via the single application. Using this single Account, clients will be able to operate with their assets easy and fast. They will be able to sell and purchase cryptocurrency, exchange to fiat money or make investments.
Products and Services
In order to be eligible to have access to personal Multi-Asset Account the client has to pass full identification and registration in the operational database. This is a one-time procedure. After successful registration and verification, the client receives full access to all the services of Forty Seven Bank: international bank account, credit/debit cards, access to secure crypto wallets, loans, investment and brokerage services, personal and travel insurance, etc.
With Multi-Asset Account the client can experience secure, transparent and quick banking services, as secure and convenient as we experience in our traditional online banking offices. The difference is that Forty Seven freely deals with cryptocurrency and provides a wider range of services to its customers.
Moreover, Forty Seven Bank is a much wiser solution, `cause it is based on the blockchain, utilizes smart-contracts, allows using API and using cutting-edge technologies, such as biometrical verification of customer’s identity.
Along with private individuals, Forty Seven Bank provides a wide range of services to business entities. They will be able to manage all their financial activities via full API. Forty Seven will offer factoring solutions, as well as finance and guarantee invoices issued by the company via smart contracts. Also, it is going to develop biometric POS terminals to ensure the possibility of payment through finger’s attachment to POS terminal scanner.
One more important service for businesses is Forty Seven’s curation of client’s ICOs. The bank will provide new startups conducting ICO with legal support, transfer of their assets and their exchange, as well as escrow arrangements.
Also, Forty Seven prepared a set of services especially for its developers-partners. It will help them in all of their marketing ideas and activities, will provide them compliance services, data analysis and prediction models thanks to Bank’s machine learning technology; and consulting services.
Using API and Forty Seven Platform developers will be able to create their own White Label bank or other financial services institution, as well as develop their own applications, which would function using Forty Seven Platform’s potential.
At the same time, Forty Seven is ready to meet and satisfy all the needs of traders. They will be able to manage their trading account and be able to use such services, as trade reporting, funding, account tracking, position orders, optimize trading strategies, etc. All the clients will be able to access Bank’s trading platform, where they will be able to trade futures, options, and equities. Forty Seven’s mobile app will allow to monitor in real time the markets and manage their orders, receive efficient market insights.
Also, active traders will be able to access Forty Seven Bank’s Exchange and other exchanges. Moreover, they will always be able to use Bank’s Cryptofutures and Cryptobondsservices.
In order to find out more about these services, better read related section in project’s Whitepaper.
Thus, Forty Seven provides its clients with wide range of banking and digital financial services. And the thing is that Forty Seven gives more services and products than conventional banks can offer dealing only with fiat currencies. E-commerce clients and other entrepreneurs will be able easily accept any payments in fiat currencies and in digital assets, even on their companies’ websites, applications, etc.
ICO flow and investment terms
Forty Seven Bank ICO has already started and will last for the next two weeks. The good news is that the project has reached its softcap, 2 050 652 FSBT (out of 9.957.446 issued for sale) tokens were sold. It means, that this project is not going anywhere, and its investors can be patient waiting for the end of ICO and enlisting of the tokens on exchanges.
In my opinion, investment in Forty Seven Bank can be a good and profitable idea. The success of its ICO is undisputable, therefore all the investors and token holders don’t need to worry about what’s going to happen if the project doesn’t collect the required minimum amount of money.
At the same time, everybody interested in this promising project still can make investmentsand receive precious FSBT tokens under favorable conditions. For instance, if you invest less than 10 ETH equivalent, you will receive your tokens with 10% bonus; investments starting at 10 ETH are rewarded with 15% extra tokens; and at 25 ETH – with 20% bonus.
Depending on the amount of investment, ICO participants, which will become clients of this bank and will go on using its services, will receive free Multi-Asset Account supporting cryptocurrency and traditional money, and free Visa Card.
Serious contributors investing not less than 5 ETH equivalent will additionally receive 25%-50% discount on personal and travel insurance for investor and its 2 family members during the established period of time.
Investors whose investments start at 10 ETH equivalent, will be able to withdraw their cash in any ATM in the world without any withdrawal fees during the established period of time, depending on the amount of investment.
Finally, huge investors (starting at 100 ETH) won’t be charged with any fees or commissions for using banks services and products forever.
It looks like it is very beneficial to become Forty Seven Bank’s contributor. According to its investment terms, nobody leaves this ICO empty-handed. This bank not only gives a real solution on how to monetize your crypto assets, it also decently appreciates its supporters, and offers them beneficial terms to share the future success of the project together.
The initial price of the FSBT token is quite high (0.00428 ETH) and if the project won’t collect its hardcap, value of the token will definitely increase. And taking into account the speed of project’s earnings, there are all the grounds to consider that it won’t sell all of its tokens. This fact can mean more profit for token holders.
Key benefits for token holders:
- FSBT token holders will receive exclusive rights to be part of bank’s loyalty program. They will be able to receive a part (depending on the token amount they hold) of 20% of Forty Seven Bank’s annual net profit in FSBL tokens. Afterwards, they will be able to exchange received FSBL tokens for various services and products in the bank’s Loyalty Shop.
- Developers with at least 1000 FSBT tokens will have the option to launch their Appat Forty Seven Bank Platform.
- Token holders will receive numerous discounts and special offers on Forty Seven Bank’s services and free online banking products.
- They won’t pay any fees for using their Multi-Asset Account. Additionally, will receive increased cashback repayments for using bank’s debit/credit card.
The important fact, as for me, is that the founders of Forty Seven are concerned about their tokens’ value. That’s why they are going to put all their efforts to create a high demand for their tokens on secondary market in order to ensure their growth in the nearest future and make token’s price more resistant to market’s constant speculations. Sounds quite reassuring!
Honestly, personally for me, such terms and privileges sound great. Investing in Forty Seven, I receive not only its tokens but also full package of rights, and can expect on annual dividends like the real investors do.
One more argument in favor of Forty Seven Bank is its independent assessment by websites, providing ICO ratings. Exploring some of them I found that it has quite high rates. Positive investment rating from ICORATING; ICOmarks estimates this project 8,6/10; ICOnow – 85/100; WiserICO– 4,1/5 etc.
The project was highly advertised not only in the social media but also on television and authoritative mass media. I am sure that Forty Seven drew enough attention to its project, what will definitely attract a wide audience of potential customers.
Having analyzed all the investment terms of Forty Seven Bank’s ICO, as well as its idea and technology, I came to a conclusion that this is a worthy product, which will definitely have significant demand in the market.
Summarizing all the above mentioned, Forty Seven Bank is a really great startup that is going to solve issue of cryptocurrencies’ exchange to fiat money forever. It has all the necessary resources and legal grounds to make cryptocurrency an integral part of our lives.
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