Forty Seven ICO [Review]
Forty Seven (Symbol: FSBT) is an exciting innovator in the fintech space. Their ambition is to create a platform to enable “Banking-as-a-Service” – providing a range of legally compliant, developer-friendly tools and services that enable the creation of entirely new financial services products.
The Forty Seven ICO aims to raise a maximum of 36’000 ETH to finance the development of the platform, and is currently in the second round, which includes a 20% bonus for early investors.
Financial Services and PSD2
Financial Services is a $13 trillion+ industry globally, but is notoriously hard for small players to break into. Between complex regulations, strict reporting standards and expensive licenses, the ability to set up and run a financial services organization is prohibitively high.
Cryptocurrencies have already proven that an alternative model for basic financial services is possible, and the disruption in this area is just beginning. The financial services industry in Europe is set for a shake-up with the pending implementation of Payment Services Directive 2 (PSD2).
Broadly, PSD2 will force banks and other financial institutions to modernize, by opening up APIs and giving customers more direct control over their data, and their money. A successful implementation of PSD2 could set new standards for the operations of modern financial services – and a wave of new innovation will not be far behind.
Forty Seven’s ambitions for Financial Services
It’s this wave that Forty Seven intends to ride. Their ambition is to get a head start on the disruption by creating a platform that’s already PSD2 compliant, and offers banking services out of the box.
Forty Seven is targeting three main personas: Individuals, Businesses and Developers.
Forty Seven will offer individual access to a range of services on their platform – including converged account management (with accounts at multiple banks), deposits and withdrawals in both fiat and crypto currencies, insurance, investments and more.
For businesses, Forty Seven plans to offer the typical suite of business-oriented banking services, backed by their blockchain platform – such as mass payouts, an invoicing system, even a card issuance process.
The most exciting aspect, however, is the way in which Forty Seven intends on opening up the platform to developers. Since every feature is being developed as a microservice, developers will have access to all the same capabilities that Forty Seven themselves do – enabling a wide range of potential use cases.
Forty Seven’s role in the ecosystem
Despite the media frenzy and enormous public interest in cryptocurrency towards the end of 2017, an enormous gap still exists. Financial services institutions – built on legacy systems and rules often dating back hundreds of years – haven’t been able to innovate as quickly as other technology-driven sectors.
The nature of these businesses makes it very unlikely that they’ll be able to change completely from within, which is what makes ventures like Forty Seven necessary to the landscape. Only by starting new platforms from scratch – with learned lessons informing the next generation of financial services technology – will the industry as a whole begin to transform.
About the ICO
Access to all of these services will be managed by the FSBT token – an ERC20-compliant token issued on the Ethereum blockchain. FSBT will be tradeable on secondary markets, and as the Forty Seven ecosystem grows, it’s anticipated that these tokens will increase in value.
The ICO is currently in its second round, and will end on 31 March 2018. A total of 11 063 829 will be issued in this process, and investors in this current ICO round are eligible for a 20% FSBT bonus.
The purchase price for FSBT is set at a variable rate – up-to-date prices are available on the Forty Seven ICO landing page.