Swiss fintech company Fiat24 is revolutionizing the banking infrastructure using Web3 technology. They are utilizing ERC-721 tokens for on-chain IDs and ERC-20 tokens for deposits. The transition from traditional banking to online banking was initially met with skepticism and a lack of trust from users. However, as technology advanced, people became more comfortable with using digital platforms for banking purposes.
In the Web3 era, Fiat24 aims to replace traditional e-banking with nonfungible tokens (NFTs), although this transition will take time. The company is leveraging ERC-721 tokens to represent client identities on the blockchain. These NFTs not only serve as digital identities but also act as legal proof of ownership and access keys to the clients’ accounts. Additionally, the NFTs hold all the necessary logic for performing banking activities.
Fiat24 offers features beyond those of a typical Swiss bank account. They open Swiss IBAN accounts for clients, with the account number corresponding to the NFT number. Customer account balances are represented using ERC-20 tokens, and all operational logic is executed through smart contracts. This allows customers to manage their online banking directly from their preferred noncustodial wallets. The programmability of ERC-20 tokens enables automated financial processes and eliminates the need for intermediaries like banks.
The combination of ERC-721 and ERC-20 tokens allows smart contracts to replicate all banking functions. Fiat24 has also integrated with traditional payment networks like SWIFT, SEPA, Visa, and Mastercard, synchronizing payment information through ERC-20 tokens onto the blockchain.
Owning a Fiat24 NFT offers several benefits. The NFT represents a Swiss international bank account number (IBAN) and functions like any European bank account once KYC verification is complete. The unique feature of this IBAN is the ability to seamlessly convert digital currencies into fiat currencies and receive a Visa debit card to access the account balance.
Acquiring a Fiat24 NFT currently requires burning one F24 token. The project is built on Ethereum layer 2 Arbitrum, with support from the Arbitrum DAO. As Web3 technology integrates into banking, it brings about a decentralized, efficient, and secure financial system, offering greater flexibility and innovation to users worldwide.
For more information about Fiat24, please visit their website.