Updated: Dec 20, 2019
Crypterium is a crypto bank platform, designed to leverage the Ethereum blockchain that offers an instant processing engine, used for both fiat and crypto-based currency transactions. It also enables interchangeability between both crypto money and fiat currency. Additionally, an app will soon be available for download, on both Android and iOS operating systems. CRPT is Crypterium’s cryptocurrency token issued on the Ethereum platform. It works as a medium of exchange within the network.
This guide will talk about the purpose Crypterium is designed for, the team behind it, the way it works and the various uses and applications.
What Is Crypterium Designed For?
The goal of this London-based Fintech startup is clear – whatever the average person can do with traditional money, they will be able to do the same with digital assets. The platform is designed to offer financial services, which are already available to the segment, using fiat currencies but have been largely withheld from the cryptocurrency markets.
Overall, Crypterium aims to become the leading crypto bank for the crypto-economy and make its token CRPT, as the medium of exchange. The goal according to the official Crypterium website is ‘to provide a complete vertically integrated service that encompasses the best ideas from the community of the world’s best blockchain enthusiasts.’
Who Is the Team Behind Crypterium?
The Crypterium team is led by Steven Parker, who is the former General Manager of Visa Central & Eastern Europe. There are various other C-level executives from leading global financial institutions, like Renaissance Insurance, London Derivatives Exchange, and American Express among others, bringing their cumulative experience towards the growth of this cryptocurrency platform.
Crypterium idea is supported by leading industry names, including the co-founder of TechCrunch, Keith Teare.
How Does Crypterium Work?
Crypterium is unlike anything present in the crypto or fiat world today. Unlike conventional banks who take weeks to process the simplest transactions, Crypterium offers Instant processing engine for all Fiat-based currency transactions. The best part is that the platform promotes interchangeability between the two.
The platform offers an easy way to transfer the money instantaneously. Crypterium payment solutions are powered by the CRPT tokens, just the way a machine operates on fuel. Each time a user makes a payment, a fee equal to 0.5% of the transaction amount is taken out of the user’s account in CRPT and burned.
The process is regulated by CRPT Smart Contract, which ensures that there are never any exceptions. The number of tokens is automatically reduced with each transaction. However, this does not mean that all CRPT tokens can be burned. The increasing demand for the tokens will increase each token’s price, reducing the amount that is burned in a transaction.
Users can send money anywhere in the world in just seconds through the Crypterium wallet, supported by their native App. The recipient doesn't need to have a wallet. A wallet shall be generated automatically when you initiate a payment, and the recipient shall get a text message with express instructions to get their money.
What are Current and Future Applications of Crypterium?
The main purpose of CRPT is to act as fuel for all crypto-fiat transactions, carried out on the Crypterium App. This already reflects a volume of about $20 million.
CRPT can be bought directly in Crypterium App or through HitBTC, KuCoin, Liquid, and Binance among others. CRPT can also be used as a payment method to pay fees applied to other, non-crypto fiat, transactions in Crypterium App. However, the team states that this feature is at the sole discretion of the platform, and can be removed at any time.
Crypterium is considered one of the more promising fintech companies, according to H2Ventures and KPMG. Their mobile app is gaining widespread interest in the industry and is expected to meet the banking needs of the digital assets era. There are already 400,000 registered users who are using and trading CRPT, and the number is growing by the day.
This London based startup has several cards up its sleeve, which is going to ensure its success in the coming future. For instance, the launch of the Crypterium Card followed by the burning of 100,000+ tokens, led to a significant price surge in CRPT value. More than 4,000 cards were shipped to 70 countries in the first week of the card’s launch.
The global crypto card works along with all notable currencies, including Bitcoin, Litecoin, Ethereum, and USD Coin. It can be used for purchases online and in-store. It can also be used to cash out cryptocurrency through any global UnionPay ATMs, which are numbered at 2 million at present.