A big problem faced by many attempting to jump into this quickly growing crypto scene is that of the complexity of it all. Most have a good understanding of how their currencies work, and there’s plenty of third-party institutions out there that smooth out some of the more complicated processes such as currency exchanges and transfers. But, when jumping into something like BTC or ETH, there’s a large hurdle of the lack of services available.
The pure complexity involved with attempting to merge one’s fiat and non-fiat holdings, such as cryptos, is something only those dedicated to the currency wish to pursue at the moment. For most, they might as well be two entirely different things. However, within these problems lies an opportunity that Forty Seven Bank is attempting to capitalize on in their currently running ICO. They wish to merge the gap between standard financial institutions and services and that of cryptocurrencies.
The issues faced by those with large holdings in cryptos are multi-faceted and dependent on whether they are privately owned or business accounts. Forty Seven is attempting to address both of these clientele through multiple means.
Beyond this, there is the issue of which major financial institutions don’t deal in cryptos, for the most part, in the first place. The problem, and to some benefit, of an unregulated market.
Standard banking principles simply do not see cryptocurrencies as an actual asset. This is due mostly to the volatility of the market which requires intense diligence in assuring loans and deals stay fair on both sides of the equation.
Forty Seven Bank, obviously, sees things differently and seems excited at the potential of these markets. Especially concerning the many upcoming startups operating off of startups who are having issues turning their crypto investments into capital to get their businesses going.
Forty Seven Bank will begin offering ways for both these parties to have their financial needs met through the companies simple M.O.:
- Financial Stability
- Effectiveness and user-friendly procedures
- Security and privacy
- Customer Satisfaction
- Market Growth
Through intense scrutiny and watchful eyes along with tailored smart contracts and escrow services, all using blockchain technology, Forty Seven bank plans to offer most services a standard fiat institution would offer as well as bridge the chasm between the two entities.
For the private individual Forty Seven Bank that has registered and verified their identity to the establishment, a litany of services will be available. This includes privately secured crypto wallets, simple exchanges between fiat and cryptocurrencies, credit and debit cards, personal loans, ATMs, invoicing services, brokerage, investment services and much more that can be found at a standard bank.
These services are not just limited to the individual, but also the startup or established business with cryptoassets that need managing. Furthermore, businesses that operate with Forty Seven Bank will be given access to Multiple Bank Accounts as needed, advanced biometric POS terminals, Payment processing in both fiat and non-fiat currencies, as well as the ability to have mass payouts in whatever currency that is needed.
All of this comes along with many more features that help to ease some of the difficulty of operating through blockchain based currencies.
Forty Seven Bank
The ideas of Forty Seven Bank are built upon the shoulders of the old financial institutions. Their team is highly experienced in the old ways of the market, as well as the crypto-scene. Due to this, they will be able to combine standard bank operating procedures with the technological advancements needed for a bank to operate properly within the blockchain.
Forty Seven is spearheading the way into the future and expect their ideas to be picked up globally and quickly supposing their success. The ICO has already started and will continue until March 31, 2018. Check it out here and take some time to scrutinize their team and mission plan. Forty Seven really does have a lot to offer.
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