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Forty Seven Bank Part 1 – Crypto/Fiat Banking Bridge

Standard ICO Report Structure:

  • Part 1: ICO Analysis (What is it about? What is the ICO intending to do? Describes what the platform is.)
  • Part 2: CROWDSALE ANALYSIS – DETAILS & TOKEN SUPPLY
  • Part 3: Useful Links (Further Research)

Part 1: ICO Analysis

Forty Seven Bank is looking to offer an ecosystem of interconnected financial services. Through a single access point, customers would be allowed to access all other banks accounts, crypto wallets, and investment tools.

Regulation: What is PSD2?

In their whitepaper, there is a fixation on how Forty Seven Bank seeks to be compliant with Payment Services Directive 2 (PSD2). PSD2 is a new EU directive that may drive the world toward decentralized banking services.

Implemented in January 2018, it breaks banks’ monopoly on holding customer information from third parties. Third parties can now be privy to customer information via APIs if a customer wishes to share that information.

This allows Fintech companies (blockchain included) to enter the space with less resistance. This change is not new, and a bill was passed in 2015 and should be implemented by 2018.

Forty Seven Bank enabled by PSD2

By being a service that connects across all banks and cryptocurrency wallets, Forty Seven Bank will be able to build their service on top of data garnered from multiple banks.

To better visualize this, imagine an API that connects everything together. This is very akin to how Coinigy may connect to multiple exchanges and facilitate a variety of actions from users.

Token utility

Holders of FSBT tokens being top priority clients of the bank are going to receive annual rewards in FSBL tokens. In total Forty Seven Bank is going to spend 20% of its annual profit for loyalty program support and this amount will be distributed among FSBT token holders in FSBL tokens.

1 FSBL token is equivalent to 1 EUR in FSB’s internal system. The share of that 20% that token holders will get will be dependent on how many tokens they hold with regards to all issued FSBT tokens.

For example, if Forty Seven Bank’s annual profit is 100 million Euros, 20 million Euros will be shared. If a token holder owns 10% of all FSBT tokens, they will get 2/20 million Euros issued in FSBL tokens which can be spent in FSB’s ecosystem.

This is interesting because the demand for FSBT tokens will be directly derived from actual revenue from the bank’s business.

Community decisions

In the cryptosphere, ICO teams are often careful to specify that owning a token is not equivalent to being a shareholder in the traditional sense of the word. A token holder does not have shareholders’ rights, and the team has no obligation to succumb to any demands.

Forty Seven Bank token holders will be able to vote on important agendas via the Ethereum blockchain; including whether to go forward in certain projects Forty Seven Bank has in mind. This is indeed an exclusivity that few projects grant to token holders.

Centralized Platform for Fintech companies

Forty Seven Bank represents the consolidation of customer data across banking services. As such, they will allow Fintech companies to offer financial services built on top of the Forty Seven Bank platform.  Owning FSBT tokens (a minimum of 1000) is a must, thus further driving demand and value for the token.

The API and platform is not the only selling point of FSB. Fintech companies may be drawn toward using the blockchain as a way to make transactions more efficient and cost effective (via smart contracts).

Part 2: Crowdsale Analysis – Details & Token Supply

Token sale dates:

  • Round 1: 16 November – 16 December, 2017
  • Round 2: 17 December 2017 – 28 February 2018
  • Round 3: 1 March 1 – March 31 2018

Total​ ​token​ ​supply:  11 063 829

Token​ ​Type:  FSBT

Token Price: 1 FSBT = 0.0047 ETH

Token​ ​Distribution:

  • 90% ICO
  • 5% Founders
  • 5% Bounties

Crowdfunding​ ​Usage: TBA

Team​ ​Overview​ ​-​ ​Members​ ​&​ ​Advisors  

Aleksandrs Malins

Chief Executive Officer, Member of the Board

Igors Astapčiks

Chief Operational Officer, Member of the Board

Vladimirs Tomko

Chief Marketing Officer, Member of the Board

Mihails Skoblovs

Chief Financial Officer, Member of the Board

Aristoteles Vargas

Head of Financial Market Development, Member of the Board

Anton Azamatov

Chief Technical Officer

Edgars Abols

Chief Legal Officer

Lilija Kovaļčuka

Art Director

Jevgenijs Lesevs

Head of Internal Audit

Vitalijs Grundsteins

Project Manager

Kristiāna Štauere

Lead Analyst

Nana Zhang

Community Manager (Asia)

Advisors

Evgeny Bezgodov

Chief Operational Officer, Deiteriy

Alexander Chernyakevich

Chief Technical Officer, Scand

Morten Hansen

Head of Economics Department, Stockholm School of Economics in Riga

Dmitry Dudin

Head of Products and Services Development Department, XB Software

Rinat Arslanov

Chief Executive Officer, Revain

Artem Kushik

Business Analyst, Crédit Agricole CIB

Igors Danilovs

CFA, Senior Portfolio Manager, Swedbank

Jevgenijs Plams

Blockchain Developer

Inna Krievane

Financial Analyst, Argus Vickers

Eva Iova

Creative Director, IOVA

Steven Coogan

Mortgage Advisor, Madison Carter Finance

Part 3: Useful Links (Further Research)

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