What is F24: Bridging Traditional Banking with Web3
F24 is the native token of Fiat24, a Swiss licensed and based financial institution which acts as the fiat layer plug-in for the world of DeFi, effectively connecting wallets, protocols, and blockchains to the real-world payment data in the form of Visa, Mastercard, SEPA, and Swift.
If you wish to dive deeper into Fiat24, you can explore our company overview in our FAQ docs here.
F24 Utility and Use Cases
The F24 token exists as a utility for buying Fiat24 NFT, which represents the digital identity (also the account number) of Fiat24 users.
There are two kinds of participants who need F24 token:
Standard, Premium & Corporate Clients
In order to become a client of Fiat24, you must own a “Fiat24” NFT (ERC721 compatible token) in your Arbitrum (Ethereum) wallet. Each NFT has a unique number that represents your Fiat24 cash account number. The NFT is the access key to your Fiat24 account.
Clients:
- burn F24 tokens (from 1,500 F24 to 1,500,000 F24) in order to purchase premium NFTs
- burn F24 tokens during the account opening process in the dApp
Wallet Providers
Fiat24 is a pluggable fiat infrastructure for Web3 wallets. It streamlines the fiat money transfer and payments for both traditional and web3 native users by providing experiences that they’re most comfortable with.
Wallets:
- burn 1 F24 token (1 F24) to mint one standard NFTs for their clients
- all consumed F24 tokens will be burnt directly
F24 exists as the powering mechanism behind Fiat24 and is a necessary tool to be used in order to access the services.
Distribution & Circulation
The maximum supply of F24 is set at 100,000,000 units. It will be distributed as follows:
50% is allocated to the Fiat24 community
30% is allocated to the company’s treasury
20% is allocated to the founding team, company staff and early investors
The real-time distribution can be found on https://info.fiat24.com/statistics
Community
50% of the total supply of F24 tokens will be used to help sustainably grow the Fiat24 ecosystem from 2024 onwards.
The tokens will periodically be used to incentivize new participants, such as integration developers and frequent users, to join and help grow the ecosystem.
The Community Development tokens will be managed by the operating company SR Saphirstein AG.
Company Treasury
The reserved 30% F24 token is managed by the operating company SR Saphirstein AG.
The company will use the reserve to seek external funds to support, as appropriate, its ongoing human resources, legal, business, marketing, and software and infrastructure development expenses.
All these measures are taken in good faith and to be able to develop Fiat24 as a platform that rewards its contributors in the short and long term.
Founding Team
In total, 20% of the F24 supply goes to the founding team, employees and our early supporters.
The token in this slot will be vested in 4 years, from 01.July.2022 to 30.June.2026, with 1 year cliff period.
Vesting Start Timestamp: 1656626400 (Fri Jul 01 2022 00:00:00 CET)
Cliff Timestamp: 1688162400 (Sat Jul 01 2023 00:00:00 CET)
Vesting End Timestamp: 1782856799 (Tue Jun 30 2026 23:59:59 CET)
All positions are locked in the smart contract:
Getting Started
To learn more, we recommend you to try Fiat24 for yourself as a client and see both how our services work, and how F24 is used practically within our ecosystem.
🌎 Explore our Website www.fiat24.com
❓ For guides & tutorials, visit https://fiat24.com/faq
👩👩👦 Join our community at https://linktr.ee/fiat24account
