FORTY SEVEN BANK ICO rating
Business (17 out of 20 points)
General idea – to build the bridge between cryptocurrency world and traditional monetary system. We will unite the community of digital asset users with more conservative individuals under the roof of Forty Seven Bank.
The goal of Forty Seven Bank is to become disruptor and one of the leaders in digital banking over a short period of time. In order to do so, the bank will offer wide range of products, at the same time offering high quality customers service. The bank is going to become an institution, where you can satisfy all your needs related to personal finance management. analysis and control.
Products for Private Persons
Products for Business
The market sector, where the project is going to work, is very competitive for now.
Product readiness (1 out of 5 points)
Currently the platform does not have MVP access but according to the developers, there will be first version of the platform in the near future (February, 2018).
White Paper (10 out of 10 points)
Project description is presented by several documents:
- White paper
- Token holders Benefits
- Business model
- Financial model
- Terms and Conditions
The documentation is well-formed, logically structured and describes many matters in details.
Roadmap (10 out of 10 points)
The project road map detailed and shows the period until June 2019.
February, 2018 – Deployment of software
April, 2018 – Application for EMI, PI and Trading authorization at FCA
May, 2018 – Connection to SWIFT
June , 2018 – Passage of QSA PCI DSS Level 1
July, 2018 – Receipt of EMI, PI and Trading authorization from FCA
August, 2018 – Start of products and services offering to FSBT token holders
September, 2018 – Start of products and services offering to private customers
November, 2018 – Application for banking license
May, 2019 – Receipt of banking license and start of products and services offering to business customers and developers
June, 2019 – Bank begins to attract deposits and offer full range of products and services
Legal (5 out of 5 points)
FORTYSEVEN UNITED is incorporated in London, United Kingdom (proof link)
Company number: 10978538
Registered office address: Penhurst House, 352-356 Battersea Park Road, London, England, SW11 3BY
Company status: Active
Company type: Private limited Company
Director: ASTAPCIKS, Igors (Latvian)
Another one company in Estonia.
Kakumäe tee 226 Tallinn Harjumaa 13516
Company number: 14347500
Team (17 out of 20 points)
In general, the team has a good portfolio in the core fintech areas, and some of the founders have been working with each other for years.
The team includes experts from such areas as finance, banking and IT. All of them are easy to find on LinkedIn, where FortySeven is listed as the main place of work.
FortySeven is under the control of an established team of professionals, with many years of expertise and the necessary knowledge.
Aleksandr Malin (Co-Founder and CEO) – Strong business development professional with a Master’s degree focused in Information Technology.
Jan 2014 – present time. President at LITA (Latvian Information Technology Association performs as Startup Incubator and Accelerator)
Apr 2015 – Mar 2017. CEO at insta.ad ( online platform which aims to bring together advertisers and Instagram-bloggers)
May 2015 – Feb 2017. Senior Managing Director and Co-founder at Bilderlings Pay
May 2011 – Feb 2017. CEO and Co-Founder at iAM.works
Igors Astapchiks (Co-Founder and COO) – Strong business development professional. Experienced Chairperson with a demonstrated history of working in the information technology and financial technology industries.
Jan 2014 – present time. Chairman of the Boards at LITA (Latvian Information Technology Association performs as Startup Incubator and Accelerator)
Apr 2015 – Mar 2017. Co-founder of insta.ad ( online platform which aims to bring together advertisers and Instagram-bloggers)
May 2015 – Feb 2017. Senior Managing Director and Co-founder at Bilderlings Pay
May 2011 – Feb 2017. CEO/COO and Co-Founder at iAM.works
Vladimir Tomko (CMO) – Experienced Game Producer with a demonstrated history of working in the internet industry.
Nov 2014 – Present. Game Producer at OK.RU
Dec 2015 – Mar 2017. Chief Operations Officer at insta.ad
Mihails Skoblovs (CFO) – Experienced and talented professional in business development and finance.
Dec 2013 – Present. Co-Founder and Board Member at SIA Bioscience Media
Mar 2013 – Mar 2017. Business Development Manager; CFO Assistant at SIA BIOSAN
Mar 2012 – Feb 2013. Financial Department Specialist at Forus Bank
Aristoteles Vargas (Head of Financial Market Development) – Precious Metals Trader with broad portfolio management experience producing consistent positive P&L results.
ICO terms (4 out of 5 points)
Control over emission: is provided by the system of interconnected smart contracts.
Rate: Fixed, value of one token – 0.0047 ETH.
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.
Token applying (5 out of 5 points)
The purchase of FSBT tokens will be done via the system of smart contracts interacting with each other – ETH and BTC is accepted. Tokens will be issued by the company registered in Estonia – FortySeven OÜ. After that, FortySeven OÜ will buyout property rights for Forty Seven Bank trademark from the company registered in the UK and this will help in creating Forty Seven Bank using the capital received from the trademark sale.
FortySeven OÜ will hold property rights for Forty Seven trademark, and Forty Seven Bank will sign the agreement with FortySeven OÜ that the bank can use the trademark for 100 years for a fee of 0.1% of net profit of the bank for the previous year.
Forty Seven Bank is going to be the first in the world to launch a loyalty program of the bank based on tokens. Token holders of FSBT tokens will be top priority clients of the bank according to the loyalty program. The bank is going to invest 20% of net profit for the previous year into the loyalty program, issuing FSBL tokens that are distributed proportionally among token holders.
FSBT token holders will have the following important benefits:
- They will become the first clients of Forty Seven Bank;
- The rights to be the first to try and use products and services offered by Forty Seven Bank;
- Top priority place in Forty Seven Bank loyalty program;
- Opportunity to contribute to the development of crypto community and help in charity campaigns;
- Discounts and special conditions for products and services of Forty Seven Bank;
- Higher FSBL token cashback multiplier when paying with Forty Seven Bank debit or credit card;
- The range of the most commonly used mobile and online banking products for free; No fee for using Multi-Asset Account;
- Opportunity to sell tokens more expensively on secondary market when they increase in value in future;
- Possibility for traders to speculate on token yield.
Additionally, all ICO participants will receive benefits in terms of using products and services of Forty Seven Bank.
The structure of these benefits is based on the amount of contribution during ICO.
ICO Promotion (16 out of 20 points)
Prior to platform development after the ICO, the founders intend to create partnerships with various businesses wishing to participate in the project (such as Revain and other).
Promotion of the ICO occurs with the help of a bounty program. Forty Seven Bank investing 5% of all FSBT tokens in Bounty Campaing. Tasks for obtaining rewards are standard (Community management, signature, Translations, Blogging, Facebook, Twitter, Telegram, bug tracking).
Communication with the community is done through Telegram, Facebook and on several branches on the Bitcointalk forum. The project team very active interact with the community on Bitcointalk forum and Telegram.
Took part in RIGA COMM 2017 conference
Interview with with Mihails Skoblovs on PBK TV channel and Radio Baltcom