Fiat24
Fiat24 is a product provided by SR Saphirstein AG, a fintech company which was founded in 2018 in Zurich, Switzerland, where it is still headquartered.
Fiat24 provides seamless payment experiences with various centralised and especially decentralised finance ecosystems using blockchain technologies. The project leverages Ethereum smart contracts to fulfil traditional banking activities such as account booking, transaction monitoring and account managements, while adopting innovations aligned with the demands of Web 3.0.
History
Founded in 2018 by ETH computer scientist Haoning Zhang, former Coutts and UBS banker Yang Lan, and Swiss IT professional Nico Buechel, SR Saphirstein AG has its headquarters in Zurich, Switzerland. The company is set to serve both the European and Asian markets.
Fiat24 makes use of latest technologies with the objective of efficiency, achieved through the minimisation of human interaction and cost-saving solutions for clients. Participants are provided with a unique environment in which to transact in a secure, multi-currencies backed and denominated asset, with the benefits of blockchain technology and the oversight of financial regulators.
Serving both private clients and institutions, the project relies on Arbitrum as a layer 2 solution, providing competitive fees, while allowing clients to withdraw and convert cryptocurrencies to fiat currencies and vice versa.
Services
Fiat24s services can be accessed via the Fiat24 DApp, a decentralised application that can operate autonomously, typically through the use of smart contracts, and runs on a decentralised computing, blockchain system.
- Fiat24 offers cash accounts to their clients through the Fiat24 service, which runs as a DApp.
- Fiat24 Accounts allows clients to send and receive money with other Fiat24 clients. The money is booked in the form of Ethereum ERC20 tokens in Ethereum public blockchain.
- Clients are able to top-up their accounts with bank wire transfer, and to top-up fiat currency accounts with Crypto.
- Clients are able to withdraw cash. One target bank account can be associated for each currency in Fiat24 (USD, EUR, CHF, and GBP).
Unique concept
Since 2017, when Ethereum-powered DApps were introduced, the finance industry has been adopting the technology and decentralised finance DeFi has grown exponentially. Built to provide similar services as traditional banking institutions, the fundamental differences lie in design and function. While legacy structures give financial organisations total control of their ecosystems, DeFi solves that problem by being built on the blockchain ecosystem, which allows them to provide clients with the same benefits and without the downsides of standard finance solutions. *
As the last few years have seen the internet transitioning towards Web 3.0, it is expected that a convergence of multiple technologies including blockchain will emerge and create the environment for better data ownership, control and DeFi. The continued adoption of Web 3.0 and technology developments have resulted in banks evaluating and planning for future business models and roles. *
The two worlds of Centralised finance (CeFi) and DeFi are expect to merge together eventually, and the companies that are actively working towards closing the gap between CeFi and DeFi are the ones that will make big developments in financial services innovation. * Fiat24 provides a solution which addresses needs in both Metaverse and Web 3.0 via establishing client to client transactions with minimal bank interference, despite being licensed by Swiss regulators FINMA.
NFTs
Fiat24 NFTs guarantee a two-party relationship for Fiat24. The NFT guarantees the uniqueness of stored data and is under the control of the owners Public Key. The NFT represents a Fiat24 client account and identifies the clients account number. The ID can never be rest or changed once generated.
All numbers with more than five digits are free, but you must own at least 0.003 Ether in Arbitrum to pay the gas fee in order to acquire/mine the NFT.
After closing, the account number will be perpetually locked and will never be recycled for someone else’s use. The status of the NFT will be “closed” forever and cannot be changed anymore.
In order to open an account, users must connect their Ethereum wallets through the Fiat24 DApp, mint the Fiat24 NFT, and complete their registration.
In order to become a client of Fiat24, a client must own a “Fiat24” NFT (ERC721 compatible token) in an Arbitrum (Ethereum) wallet. Each NFT has a unique number that represents a Fiat24 cash account number. The NFT is the access key to a clients Fiat24 account.
The NFT can be acquired for free in the Fiat24 store. To visit the store, clients simply open the Fiat24 mobile app with an Arbitrum (Ethereum) wallet without any Fiat24 NFT, and the app will automatically redirect to the store.
F24 Token
F24 Tokens are a reward tool that connects the interests of various participants in the Fiat24 ecosystem. F24 is a ERC20 token based on Ethereum technology. The maximum supply of F24 is set at 100,000,000 units.
External Links
Official website: https://fiat24.com/
Finma: https://www.finma.ch/en/authorisation/fintech/fintech-bewilligung/