Forty Seven Bank – Cryptocurrency and Fiat Under One Roof

Forty Seven Bank - Cryptocurrency and Fiat Under One Roof

The future of money and how we transact is changing, it may of taken a few years for the banking sector to accept this possibility and in fact many of the big banks are still in denial that one era is coming to a close while a new era is beginning, but now Crypto and fiat are about to unite under one roof, welcome to Forty Seven Bank.

Mission Statement

The mission of Forty Seven Bank and management team is to provide safe, innovative and user-friendly financial services and products to our customers – individuals, businesses, developers, traders, financial and governmental institutions. 
Forty Seven Bank is a bridge capable of connecting two financial worlds and establishing efficient communication between them, a communication that will open up possibilities to level up the whole modern financial system.

ICO Funding

As would seem appropriate Forty Seven Bank are generating the initial funding for the startup of the bank with an ICO. The ICO has a hard cap of 10 million Euros and their initial goals set for the first few years are as follows:

  • UK bank authorization and pasporting to EEA/EU in 2019;
  • Payment processing solutions from early 2019;
  • To issue loans at amount of around 80M EUR in the first year
    of operations;
  • To attract 65M EUR of deposits from customers by 2022;
  • To obtain profitability of >65% in 2020 in terms of Return on
    Average Equity (ROAE).

The usual bonuses for early investors is being offered with the current stage 1 offering a 30% bonus.

Maximum amount of tokens to be generated: 11 063 829 FSBT (incl. bonus tokens, tokens for bounty and founders).
Minimum budget to start the project: 3 600 ETH (1M EUR).
Hardcap: 36 000 ETH (10M EUR).

Accepted cryptocurrencies on ICO: ETH, BTC.

ICO round 1: November 16 – December 16, 2017.
ICO round 2: December 17 – February 28, 2018.
ICO round 3: March 1 – March 31, 2018.

Everything in one place

As any avid cryptocurrency trader will tell you dealing with the asset class has been somewhat inconvenient to say the least, especially for traders who deal with multiple asset classes. A quick exit into fiat currency has been a slow and frustrating process. Forty Seven Bank deals with this issue allowing access to both fiat and digital currencies within a single interface – interchanging between fiat currency and cryptocurrency instantaneously.

Security & Privacy

Forty Seven Bank will conform to all the required regulations and protocols that are currently in place, such as the EU’s Payment Services Directive 2. All KYC and AML policies will also be fully adhered too. With the security and privacy of it’s customers being paramount to their mission high-end encryption and biometric ID verification will be integrated into the platform to ensure the very best in data protection.

The Verdict

The business model seems sound and there is little to no competition currently allowing Forty Seven Bank to place themselves firmly within the fast growing Crypto space. We always recommend before investing in anything to do your your own research and never invest more than you can afford, but in a ever growing flood of ICO’s this is definitely one of the few which seems to stand out.

Website: www.fortyseven.io

Disclaimer: Statements contained within this post do not represent the views or policies of anyone other than the writer. The information contained within this article is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.

2017-12-07T07:34:24+00:00

Leave a Reply

avatar
  Subscribe  
Notify of