[ANN] 💠 FSBT TECH 💠 – Open API For Fintech Developers

[owenja]

how many developers in your team? and where is located your office?

[jamzzz123]

how many developers in your team? and where is located your office?

Hi Owneja,

Check out the team here on their website, see link below:

https://www.fortyseven.io/#team

The team's offices are located in Estonia, as stated on the website.

take a look at there website and whitepaper for more information on this interesting project.

February is an interesting month for the Forty Seven Bank team with the software infrastructure implementation.

[Anilg]

FORTY SEVEN BANK going to create Bank as a Service platform for fintech developers. Just like Apple and AppStore which has been created for mobile developers. They are going to do the same thing, but in banking market. No doubt this project will be in huge demand.

[Gunny95]

Hello!

Two short questions: The price for a token is 0.00393 ETH. Does this value remain stable no matter how ETH develops or do you adjust the price?

If I buy tokens today, will I get them immediately or after the end of the ICO?

Thanks

Thats a good question, I think that at the moment of investment, the USD equivalent is locked to be used as a reference of how much you have invested
This is a common method, since ETH locking is risky for both parties due to the volatility

[FortySeven]

Thread in more than 7 language translations. That's good. How ever, I just saw the road map and u have a quick question to ask about it. Is there any representative of the team in here to answer?

Hello sir. What is the question ?

[Nathan01]

Let's face it... The world is heading towards cryptocurrency in a full force.. There will be increased mass adoption of this technology in the nearest future especially when it gets accepted into mainstream media... No matter the FUD and the various sanctions here and there... CRYPTOCURRENCY is here to stay and fortyseven is to be the bank without branches that help save our assets... We are here for a long long time

You are absolutely right, i've been going through their whitepaper, they firstly gave me all the reasons to embrace cryptocurrency that's something i have never seen in a whitepaper, absolutely brilliant, bringing up a project is one thing, convincing the client to invest is another thing and they intend bridging the gap between the traditional way of banking and cryptocurrency

if you ask me i'd say they came very prepared to take on this whole new world in a big big way and owing to the fact that the international monetary fund (IMF) issued a statement that encourages financial institution to look towards the area of crypto banking but then again am forced to ask why is the banking fight this already won revolution? like in the case of some central banks banning and causing FUD in the community

[ibininja]

FORTY SEVEN BANK going to create Bank as a Service platform for fintech developers. Just like Apple and AppStore which has been created for mobile developers. They are going to do the same thing, but in banking market. No doubt this project will be in huge demand.

They made one smart move filing the gap. When I was going through the whitepaper i felt nostalgic; this is properly thought it actually reminded me of the time when paypal was basically the dominant payment solution and then came stripe focusing on developer first approach. Forty Seven Bank giving much thought to developers with the API is genius.

[nxnqauff]

I recently came across this project and most fascinating point is that they want to integrate both crypto and conventional banking procedures. One can say that's not attractive. But this is the first project talking about banking regulatory. This is huge thing. If regulatory is there in place and the project is complaint with all those regulatory needs, then this would become huge.

[phantam]

This project has me pretty darn excited just found it, but already looks great, the fact their already taking steps to comply with PSD2 is a great example of a team that understands the industry their in and is working to make sure their ahead of the game. So few ICO's really understand the work that it takes to comply with regulations. I continue to stand by the fact that FIAT->Crypto and Crypto->FIAT being a smooth process is the one thing that needs to be made better, and i'm hopeful banks like 47Bank can make that process a bit easier and safer to deal with.

[Gunny95]

what happens with unsold tokens should the hardcap not be reached?

So apparently there are no tokens to be burned as every time an investment is made, the equivalent amount of tokens are generated for the investors
I dont know what the hard cap is, but its probably mentioned in the white paper, should this cap not be reached, ICOs often adjust their goals

[rezzx]

I recently came across this project and most fascinating point is that they want to integrate both crypto and conventional banking procedures. One can say that's not attractive. But this is the first project talking about banking regulatory. This is huge thing. If regulatory is there in place and the project is complaint with all those regulatory needs, then this would become huge.

According to the whitepaper, they are going to get authorizations from the FCA in the United Kingdom. I don't think there other projects in the crypto fintech area who managed to do this. This is not going to be easy but the team look very serious and I'm confident they get all the regulations sorted. Once they achieve this it will definitely become a massive project.

[phantam]

I recently came across this project and most fascinating point is that they want to integrate both crypto and conventional banking procedures. One can say that's not attractive. But this is the first project talking about banking regulatory. This is huge thing. If regulatory is there in place and the project is complaint with all those regulatory needs, then this would become huge.

Exactly, it's sort of exciting to see a group actually taking note of the regulations and working within them. Too many of these ICO's are trying to skate the edge of whats actually legally allowed. While it appears that 47 is trying to work within the limits of whats allowed.

Combine that with the fact that their coin will itself have a usage for fees, means like with other coins that have an actual usage based demand i imagine we will see the per coin worth go up over time which is a great thing for investors at this stage.

[nxnqauff]

I recently came across this project and most fascinating point is that they want to integrate both crypto and conventional banking procedures. One can say that's not attractive. But this is the first project talking about banking regulatory. This is huge thing. If regulatory is there in place and the project is complaint with all those regulatory needs, then this would become huge.

Exactly, it's sort of exciting to see a group actually taking note of the regulations and working within them. Too many of these ICO's are trying to skate the edge of whats actually legally allowed. While it appears that 47 is trying to work within the limits of whats allowed.

Combine that with the fact that their coin will itself have a usage for fees, means like with other coins that have an actual usage based demand i imagine we will see the per coin worth go up over time which is a great thing for investors at this stage.

When we talk about financial and banking, regulatory is the top most priority. As I already mentioned, this is only project considers that aspect. This shows howmuch they have thought about prior to setting up the project and could also be that they are showing interest on investors safety.

[faulerwilli]

I've already wondered what I do when I really earn a lot of money with cryptocurrencies. 47BK could help me with the decision: I just set up my own bank :-) the possibility to build my bank based on their platform is really fascinating.
And that is not the only possibility that offers itself here, but I have to read a lot of information now. how could 47BK stay under my radar for so long?

[Owillz]

what happens with unsold tokens should the hardcap not be reached?

So apparently there are no tokens to be burned as every time an investment is made, the equivalent amount of tokens are generated for the investors
I dont know what the hard cap is, but its probably mentioned in the white paper, should this cap not be reached, ICOs often adjust their goals

What do you mean exactly by token will be generated for investors?? Are you trying to say that the tokens are not readily available yet?? If so, won't this disrupt the token distribution in any way?

[Anilg]

4 USD per token approx seems to be bit expensive, but There is no difference if you have 10M tokens priced at 5  USD or 100M tokens priced at 0.5 USD.
Project has great potential in terms of market cap, the price of a token does not matter, as I expect market capitalization will soar in future

[Zombie259]

I've already wondered what I do when I really earn a lot of money with cryptocurrencies. 47BK could help me with the decision: I just set up my own bank :-) the possibility to build my bank based on their platform is really fascinating.
And that is not the only possibility that offers itself here, but I have to read a lot of information now. how could 47BK stay under my radar for so long?

I really like the idea that I have my own Bank 
Account Management, Deposit and Loans, Investments and Brokerage and Others in one app sounds good.

[mustandine]

Like the idea of this and how devs make this possible, wish you best of luck.

[rathaha10]

I've already wondered what I do when I really earn a lot of money with cryptocurrencies. 47BK could help me with the decision: I just set up my own bank :-) the possibility to build my bank based on their platform is really fascinating.
And that is not the only possibility that offers itself here, but I have to read a lot of information now. how could 47BK stay under my radar for so long?

I really like the idea that I have my own Bank 
Account Management, Deposit and Loans, Investments and Brokerage and Others in one app sounds good.

Having your own bank is awesome xD. But really important question though what will happen when the funds are stolen ? Will the devs give the money back to the investors ? This is really important to know.

[kaar]

4 USD per token approx seems to be bit expensive, but There is no difference if you have 10M tokens priced at 5  USD or 100M tokens priced at 0.5 USD.
Project has great potential in terms of market cap, the price of a token does not matter, as I expect market capitalization will soar in future

The only aspect it matters is the psychological aspect. For some reason people think there is a higher chance that a token worth 1 cent will be worth 1 dollar some day, than a token worth 1 dollar will be worth 100 dollar. But as you said, this is complete nonsense if you don't consider the market cap. The market cap is the only thing that actually matters. The price of the token itself ,without taking into account the token supply, does not say much.