Swiss fintech company Fiat24 is revolutionizing the banking industry by utilizing Web3 technology and blockchain tokens. They are using ERC-721 tokens to represent clients’ on-chain IDs and ERC-20 tokens for deposits.
In the past, the transition from paper-based banking to digital platforms posed a challenge in gaining user trust and confidence. However, as technology advanced, people became more comfortable with using apps instead of traditional methods.
In the emerging Web3 era, Fiat24 is taking a bold step by introducing nonfungible tokens (NFTs) to replace traditional e-banking. They are utilizing ERC-721 tokens to represent client identities, providing a digital proof of ownership and access to their accounts. The NFT also contains all the necessary logic for banking activities.
To manage customer account balances, Fiat24 uses ERC-20 tokens, which allow customers to directly manage their online banking through noncustodial wallets like MetaMask. The programmability of ERC-20 tokens enables automated financial processes, eliminating the need for intermediaries and increasing efficiency.
By combining ERC-721 and ERC-20 tokens, Fiat24 is able to replicate all banking functions using smart contracts. They have also integrated with traditional payment networks like SWIFT, SEPA, Visa, and Mastercard, synchronizing payment information through ERC-20 tokens.
Owning a Fiat24 NFT offers several benefits. The NFT represents a Swiss international bank account number (IBAN), allowing seamless conversion of digital currencies into fiat currencies and access to a Visa debit card.
Fiat24’s project is built on Ethereum layer 2 Arbitrum and has received support from the Arbitrum DAO. They have also been granted ARB tokens in the latest LTIPP grant from Arbitrum.
The integration of Web3 technology into banking is a significant step towards more decentralized, efficient, and secure financial systems. As more fintech companies embrace blockchain solutions, traditional banking processes will continue to evolve, providing greater flexibility and innovation to users worldwide.
To learn more about Fiat24, visit their website. Please note that this sponsored article should not be considered investment advice, and readers should conduct their own research before making any decisions related to the company.