Financial institutions are inarguably indispensable — from online banking to cashless transactions, they play a huge part in our lives. However, most financial institutions today still run on the old-fashioned banking model which relies on centralised systems and trusting third-party service providers to facilitate money transfer, custody, and payments.
Since its invention back in 2008, blockchain technology has been attempting to disrupt several industries with varying degrees of success. Core features of blockchain, such as decentralisation and immutability make this technology appealing to the financial sector in terms of improving efficiency, transparency, and accountability. Blockchain offers a revolution by allowing peer-to-peer money transactions for the first time.
Fiat24 is an innovative FinTech company built entirely on blockchain, making huge leaps into the next generation: banking in the metaverse. What’s more, its regulated by FINMA, the Swiss financial authority.
Fiat24’s innovative approach makes it easy for users to switch from fiat to crypto, while providing free banking services available from the comfort of a mobile device, all in a compliant package for every user. It allows peer-to-peer transactions without any third party — something neo-banks currently offering crypto integration such as Paypal and Revolut still have to catch up with.
Fiat24 uses Ethereum smart contracts and Arbitrum layer 2 to reduce transaction fees, and is constantly working on enhancing their user experience, all while adopting innovations aligned with the demands of Web 3.0 and the Metaverse. NFTs are used to verify user identities — minted once the account is open, they are then used as a key to unlock and verify transactions.
Fiat24’s USP is its ability to offer these unparalleled features in Web 3.0 by launching its own metaverse where brands can buy land to gain visibility.
Brands working with Fiat24 will benefit from a fully regulated partner which is able to provide in-depth reports to comply with their rules, regulations and legal entities. Aside from helping its business users streamline reporting, Fiat24 simplifies the process of switching from fiat to crypto and back. Fiat24 is the ONLY core banking system which offers cash accounts to clients on the blockchain, allowing them to make top-ups via crypto and bank wire.
As an added incentive for new customers, Fiat24 recently launched its airdrop whereby new users will receive F24 utility tokens in the Fiat24 ecosystem. You can learn more about it at fiat24.com/giveaway
While this technology has the potential to revolutionise the banking system for good, challenges remain as the industry is still nascent. However, it is just a matter of time before the full potential and value that FinTech companies such as Fiat24 can bring to the space will be more widely recognised.
Watch our latest interview with Fiat24 founder, Yang Lan: