The continuous increase in the development of technology has had some positive impacts on the financial industry, thereby introducing new financial avenues. The evolution of these new technological channels has resulted in the expansion of the individual demands of consumers and industries, and the eradication of obsolete financial products. This has also created new challenges, concepts, and ideas by bolstering up old financial models, consolidating them into complex unified systems based on technological attributes that consistently expands the financial perspective into a digitalized and decentralized market technology. The trend of replacing the old centralized market system, with a decentralized technological system has resulted in the inception of lots of financial banking system such as the Forty Seven Bank.
The Forty Seven Bank is an outstanding financial project designed to unite communities of crypto-currency users and devotees of the traditional financial system. It is a financial organization that is internationally recognized by other financial communities with adherence and correspondence to the regulations of the system. This project was designed by a team of well-skilled and experienced professionals from the IT, banking, and financial sectors with vast experience in the creation and licensing of electronic payment systems. The financial products manufactured by the Forty Seven Bank, are secured, easy to use, and of great relevance with up-to-date technologies. Forty Seven will in no distant time, turn into the most significant structure that meets all the requirements of the regulators and payment services directives.
Mission of Forty Seven Bank
Forty Seven Bank aims at providing safe, inventive, creative, and user-friendly products and services to individuals, developers, financial sectors, businesses, and government institutions. It is a platform with the ability to interlink two or more financial industries and inaugurating effective and efficient communication between these firms. This interface will hence create possibilities to level up to the advanced modern financial system.
Products and Services Created by Forty Seven Bank
Forty seven creates quite a number of useful products and services for the crypto-community. Some of these products are outlined below:
1. Multi-currency Account
With Forty Seven Bank, people living in European can easily open and operate multi-currency accounts with their cards linked to it. This will assist people to easily manage European bank accounts by using an appropriate Internet banking web application or mobile application. It also enables customers to be able to send and receive payments, purchase and sell crypto-currencies, and easily convert their currency. Forty Seven Bank also enables customers to purchase goods and services using their cards, withdraw or transfer money using the Automated Teller Machine (ATM). Additionally these multi-currency accounts enable:
- Outstanding combination of payment tools such as credit and debit cards, electronic wallets and secures crypto payments.
- Easy transactions of a variety of crypto-currencies within the bank’s app without opting for current exchange rates. Enables the uploading, withdrawal and conversion by any pair.
- Vast range of services such as crediting, invoice submission, insuring, debit and credit card management and lots more.
- User to conveniently use it
- Clients to make the appropriate financial decisions by making use of the services of a personal manager programmed by the machine algorithms.
2. Proposition For Business
Our products are targeted at small and medium ventures. It will enable quick and easy integration of crypto transactions for both online and offline usage, easily manage accounts through its API, receive crypto and fiat payments on the company’s account, enables huge payouts and the use of escrow services and lots more.
3. An Avenue for Tools and Services
Forty Seven Bank creates an avenue for software developers while affiliating with banks. It gives users the opportunity to provide Forty Seven banking services using their personal brand, provides an API access that enables the design and implementation of modern monetary services, enables the creation of financial apps using Forty Seven Application Programming Interface among others.
Forty Seven Bank is the first registered financial institution serving the digital currency institution and poised to creating a suitable trading environment for crypto-financial institutions.
Forty Seven Token
It’s a token that represents a part in Forty Seven Bank’s infrastructure and grants the wielder a priority place in the bank’s loyalty program. Holders of FSBT tokens have the right to receive yearly bonuses in the form of FSBL — Forty Seven Bank loyalty tokens. 20% of the bank’s annual net profit will be invested into the loyalty program.
Abbreviation: FSBT.
Control over emission: is provided by the system of interconnected smart contracts.
Rate: Fixed, value of one token 0.0047 ETH.
Maximum amount of tokens to be generated: 55 319 149 FSBT (incl. bonus tokens, tokens for bounty and founders).
Minimum budget to start the project: 18 000 ETH (5M EUR).
Hardcap: 180 000 ETH (50M EUR). Accepted cryptocurrencies on ICO: ETH, BTC.
ICO round 1: November 16 — December 16, 2017.
ICO round 2, 3: Q1 2018 (TBD)
White Paper: https://drive.google.com/open?id=0BzvESRkgX-uDeHc1QjRzbHRBelU
Twitter: https://twitter.com/47foundation
Facebook: https://www.facebook.com/FortySevenBank/
Telegram: https://t.me/thefortyseven
Medium: https://medium.com/@FortySeven47
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