Revolutionising Banking with Web3: Fiat24's Innovative Use of NFTs and ERC-20 Tokens

Fiat24, a Swiss fintech company, is pioneering the integration of Web3 technology into banking infrastructure, utilising ERC-721 NFTs for client identification and ERC-20 tokens for deposit representation. These NFTs serve as on-chain IDs, access keys, and legal proofs of ownership, while also containing the logic necessary for banking activities. Through smart contracts, customer account balances are managed using ERC-20 tokens, enabling seamless conversion between digital and fiat currencies in noncustodial wallets like MetaMask. The platform has integrated with traditional payment networks like SWIFT and SEPA, synchronising payment information onto the blockchain. Fiat24 NFT holders benefit from access to Swiss international bank account numbers (IBANs), allowing for digital-to-fiat currency conversions and Visa debit card issuance. Built on Ethereum layer 2 Arbitrum, Fiat24 has garnered support from the Arbitrum DAO and plans to airdrop ARB tokens to users. This integration of Web3 technology represents a significant advancement in banking, promising greater efficiency, security, and flexibility for users globally.