Forty Seven Bank has emerged to connect the worlds of cryptocurrencies and traditional finance, given that they have been divided due to the rapid emergence of blockchain technology and its potentially disruptive impact on traditional businesses. The Forty Seven Bank thus aims to offer services that combine these two areas of finance to meet the needs of consumers and help bring cryptocurrencies into the mainstream.
For individual consumers, Forty Seven Bank will provide Multi-Asset Accounts to allow them access to all of their bank accounts on one platform. In addition, Multi-Asset Accounts will provide access to cryptocurrency and credit and debit card services, among other services, on the same platform. Having all of these features on a single platform will bring needed convenience for consumers that is currently lacking in the market, allowing Forty Seven Bank to seize a wholly untapped market with enormous growth potential.
Given the importance of security, Forty Seven Bank aims to use biometric software to prevent fraud. According to its whitepaper, Forty Seven Bank will develop software so that customers van verify their identity at points-of-sale (POS) terminals by providing a thumb fingerprint. These POS terminals will have scanners allowing for identity verification.
Forty Seven Bank will ensure customers can buy or trade cryptocurrencies with ease by providing a cryptocurrency wallet. Customers will be able to check the value of their holdings and cryptocurrencies they are interested in acquiring. They will also be able to send and receive cryptocurrencies using the wallet, request payment, and view their transaction history. To ensure security and peace of mind to customers, the platform will guard the private keys of customers so that funds are not lost or stolen.
In addition, Forty Seven Bank aims to provide access to products such as bonds, futures, and options. Businesses will be able to attract capital using the platform by issuing their own “cryptobonds” (cryptocurrency bonds). These bonds will be liquid and tradeable both within the Forty Seven Bank exchange and elsewhere.
Given the unique offerings of Forty Seven Bank and their expansive view of technological trends, this project is likely to meet enormous success if it executes on its ambitious ideas and plans. As among the first-movers in the cryptocurrency arena aiming to bring convenience and liquidity to mainstream consumers while offering simplicity and security, investors have thus far been enthusiastic about the project.
The crowdsale or ICO of Forty Seven Bank began on November 16, 2017 and ends March 31, 2018. The Forty Seven Bank token, FSBT, is ERC20/EIP20 compliant and runs on top of the Ethereum blockchain. According to its website, a maximum of about 11 million FSBT will be minted, and 90 percent will go to contributors while the rest will be split between the founders and for the bounty, or marketing, campaign to promote the platform.
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