At this point in 2022, we have all heard about both NFTs and the Metaverse. For a lot of people, when they think about NFTs, they immediately think about apes and digital artwork – but actually, non-fungible tokens can be used for so much more than that!
Ravi Kumar of AlexaBlockchain spoke to Yang Lan of Fiat24 about how the company he co-founded allows anyone to open their Swiss NFT bank account for use in the Metaverse and Web3.
Hi Yang! Thanks for taking the time to chat with us. Can you start off by telling us a bit about yourself and how Fiat24 came about?
Thanks for taking the time to have a chat with me!
So, I come from the traditional banking world, having worked for several banks for over 10 years. When I started hearing about Bitcoin in its early days, it really piqued my interest and I started investing in it privately. As I started to learn more about cryptocurrencies, blockchain technology and their potential in banking, my co-founder Haoning Zhang and I started to discuss how we could leverage them and revolutionise current banking systems.
So, Fiat24 is a product offered by a Swiss FINMA regulated financial institution called SR Saphirstein AG. On one hand, we rely on the power of the latest blockchain technology to massively reduce the operating costs involved with running a bank and, on the other hand, we use NFTs to identify users’ accounts, fulfil all regulatory requirements, and stay fully compliant.
I believe that what we are doing is very bold and unique, as we use a completely new approach to an industry and sector that hasn’t seen radical innovation in a very long time.
What is the connection between the NFT and the banking concept?
As I mentioned above, our aim is to be a pioneer and revolutionise current banking systems and concepts. We are the first core banking system to be built entirely on blockchain and powered by smart contracts, offering clients cash accounts that are created with our signature NFT.
NFTs are basically unique tokens which can only be controlled by the owner of the corresponding private key. NFTs represent ownership, whether that be a digital artwork, physical goods, or even access to personal information.
Within the context of Fiat24, the NFT is your bank ID and also provides the access key to your e-banking – this is equivalent to your login and password in traditional e-banking.
What do people need to have in order to open an account with Fiat24?
In order to open an account with us, you need to have:
- a digital wallet that supports Ethereum (e.g. MetaMask)
- some ETH inside your wallet for gas (ca. 1-2 dollar equivalent)
Creating an account is quick and simple!
The steps are:
- go to app.fiat24.com and click on “Connect Wallet”
- follow the steps provided by your wallet to confirm a connection to our DApp
- select an avatar that you like or account number that you like, or both
- pay the low gas fee via your wallet
- your account with us is now opened!
You will be able to see your dashboard and start sending and receiving money from peers, as well as do crypto top-ups.You can watch all of our getting started videos on our YouTube channel and if you have any questions, join us on Discord!
How can everyone benefit from using your services?
If you already have a digital wallet and crypto, it’s a great idea to start using Fiat24 because it enables you to easily convert your crypto to fiat cash!
If you love NFTs and collecting them, you should claim your free F24 tokens (see next question for more details) and even think about buying land in our Metaverse – as the first Swiss-regulated blockchain banking system, it is best to get in now as an early adopter!
Enjoy fast, convenient and efficient transactions to peers in any country – don’t wait for slow processing times that happen with other payment solutions.
Finally, what can you offer our readers?
Until June 30th, we are giving away 500 FREE F24 tokens to each new user who mints an account NFT. Each Ethererum address can only mint one NFT.
You can use the tokens to:
- increase the monthly free top-up limit of crypto to fiat to your account
- buy land in our Metaverse map
See all the details at fiat24.com/giveaway
Stay connected
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Explore our Metaverse www.fiat24.com
For How To Guides, visit medium.com/fiat24
Learn more about getting started on our YouTube channel https://bit.ly/3y4d2Ef
Join our community & ask questions at https://discord.gg/dMt9RwZ7Nx
