Crypterium, the Estonia-based company creating contactless payment solutions, will hold an Initial Coin Offering (ICO) for a revolutionary mobile cryptobank project. In total, the company aims to collect USD 75 million during the token sale.
Cryptobank project Crypterium is a cryptobank founded in 2017 that allows instant payments, the exchange of fiat and cryptocurrencies, cashback from transactions, the issue of crypto loans and much more. The main goal of the project is to create an integrated banking service that combining all the best features of blockchain technology. In near future Crypterium plans to launch a crypto-fiat payment infrastructure supporting settlements at 42 million points of sale globally. The infrastructure is expected to cover all areas of consumer services: cafes, filling stations, paid parking, Internet stores, etc.
The cryptobank will be as easy to use as an ordinary debit card. Users will create accounts, which will enable them to transfer digital money between one another. The current balance collected on the account can be displayed in any currency, which is convenient for the user – US dollars, rubles, euros or any other currency.
Crypterium’s main advantage over other transaction systems is the absence of such restrictions as daily limits and high transaction speed. What is more, the users won’t have to wait several weeks for a plastic card to be issued. “Crypto” transactions will be performed in retail networks using the Visa, MasterCard or UnionPay payment systems, or with the support of Apple Pay, Samsung Pay or Android Pay mobile services.
Crypterium is an Estonian-based company with headquarters in Tallinn. The Crypterium team has been working in fintech for already more than five years, successfully creating contactless payment solutions.
The official start of upcoming Crypterium ICO is on October 31, 2017. ICO participants will be offered the company’s own CRPT tokens based on the Ethereum platform. The starting price has been set at 0.0001 BTC per token. Based on the agreements reached, the CRPT token will be introduced to the largest cryptoexchanges on the completion of the ICO, but not earlier than 30 days after reaching the fund collection targets.
The ICO will last until January 13, 2018. During this period, Crypterium’s founders expect to collect around USD 75 million. The resources gathered through the ICO will be used for the full-fledged launch of the cryptocurrency bank, which will commence its work in QI-II of next year.
Steven Polyak, Managing Director and Co-Founder of Crypterium, commented on the upcoming token sale:
“Our token will perform two functions. The first will be similar to the ‘gas’ used in Ethereum. In our case it will be used to support and develop Crypterium. There will be a 0.5% charge on each transaction performed on our platform, which will be used to purchase tokens from the exchange that will be burned during the performance of operations. This will ensure stable demand and, accordingly, a growth in the value of token. The second function involves the formation of a token fund called the Monthly Cashback Fund, which will receive 30% of our economic benefit obtained from the fee paid by a business for the use of our platform.”
Registration of ICO participants will commence on October 24, 2017. Tokens can be purchased for either crypto- or fiat currency.