Today we take a look at the Forty Seven project. They are creating an open application platform for financial technology developers. The project provides opportunities for developers with small or medium capital to create white label applications which will be able to compete with traditional banks.
Forty Seven Bank has a Bank as a Service Solution that is to disrupt financial sector of the European Union reducing barriers to entry into the FinTech market. The forty seven project is aiming to provide traditional AND digital financial products for both businesses and individuals.
Right now forty seven is based in London UK for a few reasons:
They believe the united kingdom and regulatory authorities there have advanced favorable conditions towards cryptocurrencies and other digital assets.
London itself is a major financial center of the world for significant forex markets, making it a solid base to potentially provide cryptocurrency services and claims.
The forty seven team already has experience developing financial technology products and their full legal registration within the UK regulatory framework, so it seems best they base their platform out of London.
Overall forty seven bank provides services for businesses, individuals, developers and traders.
Verified individuals can receive quick and secure banking services and using biometric security. Once biometrics have been set up and verified with the bank, you get access to many banking services like IBAN, access to secure crypto wallets and tokens, credit and debit cards, travel or personal insurance, loans, money management like invoicing investment and brokerage services.
Forty Seven bank also provides products for business. They’re offering a new technological revolution by introducing smart contracts to banking services just as CRM customer relationship management services changed the approach of business. The kinds of services Forty seven offers for business are multi bank account management, invoicing, biometric POS terminals, ICO escrows, mass payouts in fiat or in crypto and more. Start
Forty seven will provide a wide range of payment processing solutions for business clients as well, and ecommerce stores can easily accept clients on their web pages using Forty seven with payments in traditional payment methods.
As for ICO Services, they will provide services for companies looking to attract financing via an ICO and can assist with legal support, escrow, and mass payouts.
Forty Seven also provides services for developers like an app marketplace, api payments, kyc and compliance services, data analytics, loyalty services and prediction models. The Bank as a service will allow entrepreneurs to access infrastructure elements of forty seven through APIs and create white label banking solutions for others.
Forty seven also provides products for traders including access to the forty seven exchange, access to these exchanges through API, analytics, AI hedging, derivatives in both fiat and crypto and smart support.
The technologies they are using behind these products and services include the blockchain, smart contracts, Apis, Biometrics and machine learning technologies in internal procedures.
The team behind forty seven banks include Aleksandr Malins who is the CEO and a successful founder of many startups like iAM works and Bilderlings Pay where he is the managing director with extension experience in financial technology products and services and legal authorization in the UK. Also, Igors Astapciks is the Chief operating officer of forty seven and has a business development background, and co-founded iam works and bilderlings pay with alexander. He focuses on finance and digital assets, IT product development and relationship management. Also, Mihalls Skoblovs is the CFO and has a wide range of experience in corporate finance, private equity and business development. As well, Vladimirs tomko is the CMO of forty seven and has over 12 years in the interactive entertainment industry. Also, Aristotle vargas is the head of trading and the investment and brokerage department.. He has experience as a commodities trader implementing speculative trading strategies in the energy sector and beyond.
Forty seven is doing an tokensale for the offering of their Forty Seven Bank Tokens, ticker FSBT. The FSBT token are an ERC20 token used for forty seven banks platform and the funds collected during the ICO will be escrowed in a 3 of 4 multi signature escrow, so Lets break down the tokensale details. In the forty seven ico, 90% of the tokens are allocated towards ico contributors, 5% are for the founder and 5% are allocated to bounties. The soft cap of the ICO is 3600 ETH and the hardcap, 36,000 ETH and they are only accepting Ether, Bitcoin, USD or Euro for contributions.
If you want to learn more on the forty seven project, they have a documents to learn more about everything they are working on available at https://fortyseven.io.
What do you think about futuristic cryptocurrencies and digital asset financial products on the blockchain? Do you want to learn more about these kinds of services? Let me know in the comments below.