Crypterium: A Breakthrough in the Making

Just about a week ago, the blockchain world witnessed possibly the biggest transition of a world-class top executive from the traditional finance to working with cryptocurrencies.

Classic cards or most futures app? Cryptobank for Cryptopeople

Classic cards or most futures app? Cryptobank for Cryptopeople

Former CEO of Visa and key advisor of Britain’s first digital bank unicorn Revolut Marc O’Brien was appointed Chief Executive Officer of Crypterium, the world’s first mobile crypto bank. If it hasn’t been on your radar so far, now it must be. Being one of the most promising startups in the industry today, Crypterium has everything it needs to become the ultimate crypto-fiat gateway.

A “killer app” in the cryptocurrency world

Cryptocurrencies are a powerful asset for trading and investment - that is something everyone can agree on. Yet they don’t have much use beyond that today. Can you go out and buy a cup of coffee with your favorite cryptocurrency right now? Probably not.

Crypterium wants to change that by creating a fully-fledged crypto-fiat gateway that will bring a Netscape moment into the world of cryptocurrencies. The idea behind it is brilliant in its simplicity: they just want to give the crypto holders an ability to spend their coins and tokens on everyday purchases. Pay with crypto at any NFC terminal, online, or via QR codes - that’s the promise.

Crypterium first presented itself to the public in autumn 2017 and immediately became a success, raising over $51 million during the ICO and being supported by legendary entrepreneurs, like the founder of TechCrunch Keith Teare.

What Is Being Done

Ever heard of TenX and Monaco with their physical cards? Crypterium takes it one step further allowing the customer to issue a virtual card, bind it to their crypto account, link it to Apple Pay, Samsung Pay or Android Pay, and pay with crypto by simply using a smartphone. It’s essentially as easy as paying with cards or cash.

Last week, 100% successful test transactions were carried out in Australia. According to co-founder of Crypterium Austin Kimm, the biggest obstacle the company may face when entering a market - issues with KYC procedure integration - did not emerge in Australia, meaning that the product is mere weeks away from being launched there.

In his first appearance at Crypterium’s live stream on May 24, Marc O’Brien added that the company is determined to get into the market and establish critical card partnerships within a 4-month span.

CRPT: The Next Big Thing?

All Crypterium сrypto-fiat solutions will require CRPT, Crypterium’s own token that will be used as “fuel” for the transactions. Every time someone makes a payment, a fee equal to 0.5% of the value of the transaction in CRPT will be taken from token holder’s account and burnt as fuel.

This means two things. Firstly, the token has a real, tangible purpose. Secondly, the number of CRPT tokens will be reducing over time. People seem to be catching up with the idea: ever since I started keeping an eye on CRPT, its daily trading volume has constantly been over $1 million despite only trading on one exchange: HitBTC. During Thursday’s live stream, Marc O’Brien and Austin Kimm announced CRPT’s listing on one more exchange, with several others coming up next.