Project Crypterium Wants to Build the First Truly Decentralised Crypto Bank | Coinspeaker

Project Crypterium Wants to Build the First Truly Decentralised Crypto Bank

| Updated
by Andy Watson · 4 min read
Project Crypterium Wants to Build the First Truly Decentralised Crypto Bank
Photo: Crypterium

Cryptobank Crypterium wants to combine a mobile bank, cryptocurrency acquisition solutions for business, an OpenAPI cryptocurrency platform for developers, and the ability to receive decentralized crypto loans.

According to the press release, the financial world is impressed by the new mind-breaking Crypterium project. Its blockchain mobile banking service is assigned to eliminate many existing complexities via using cryptocurrencies in the real world through its integrated crypto and fiat currency service and payment infrastructure.

The Cryptobank offers new solutions in three areas: use of cryptocurrencies by individuals for everyday purchases, the fundamentally new infrastructure for cryptocurrency acquisition by businesses (including the transfer of fiat currencies to sellers), and streamlined procedures for receiving crypto loans, all while retaining open access to its cryptobank platform for outside developers.

What are the main distinctive features of this innovative project? Unlike wallet and card provider TenX, the team of experts has created not just a crypto-currency wallet, but a full-fledged bank with a rich set of services for companies (crypto-acquiring), for clients (crypto-loans) and for developers (open platform). Crypterium project is based on transactions and payment infrastructure while another digital bank Polybius is focused on lending and investments.

The project was initiated by the blockchain enthusiasts with a deep practical knowledge in the financial and banking spheres: Steven Polyak, a highly experienced investment banker focused on the US and Russian capital markets, Austin Kimm, financial services CEO and international strategist for established and startup companies, Gleb Markov, fintech, banking & cryptocurrency professional with over 10 years’ experience, and Vladimir Gorbunov, an entrepreneur with more than 10 successful new IT ventures.

“Right now, cryptocurrencies are not the financial instrument of choice for paying for the most routine purchases. To use a Bitcoin wallet to pay for a coffee, for example, you would have to send BTC to the exchange for conversion, wait while three confirmations are processed, sell the Bitcoins, and after a while, and at a substantial loss, you would be able to transfer the fiat funds to your card. In some cases, there would be an actual person acting as a courier, who would be responsible for the movement of your money from point A to point B,” said Vladimir Gorbunov, co-founder and creative director of Crypterium.

“This falls short of our idea of the current possibilities of blockchain technology and the cryptoeconomy. We are offering something that is much more than a multicurrency cryptowallet – a system for performing operations in which hours of waiting are transformed into five seconds, with no daily limits and no need to wait several weeks for a plastic card to be issued,” he added.

In fact, to make payments customers should download the Crypterium mobile bank to their smartphones. The application activates Crypterium’s own points of sale ecosystem, as well as Apple Pay, Samsung Pay or Android Pay.

Then the needed sum of money is transferred to the cryptocurrency customer account, exchanges the information on the mutual bank operations and enables the immediate transaction confirmation. The duration of one such procedure is not more than 5 seconds. And the creators persuade it’s just the very beginning. Crypterium will be transferred to other traditional banking opportunities to deal with the blockchain tech and cryptocurrencies.

“Cryptocurrencies are winning an ever-growing market share from traditional currencies. The total amount of international and cashless transactions is growing rapidly, and the use of cryptocurrencies, and the appearance of a global cryptoeconomy, is right around the corner,” says Steven Polyak, Managing Director and Co-Founder of Crypterium. “We believe that the income of cryptobanks will reach USD 500 billion by 2025. We see the huge potential of this industry, and, naturally, we want to be industry leaders.”

Let’s highlight that Cryptobank Crypterium contains over 20 innovative tools. What are they? You may be sure you will get profit using the instant payments with no transaction limits, fiat and cryptocurrency exchange without hidden fees. Other notable features are short-term reservation of the best exchange rate across any of the 10 largest global exchanges, cashback from transactions, cryptocurrency loans through special sub-tokens (the value of which is ensured by the increasing demand for tokens), and much more.

Blockchain News, Cryptocurrency News, Editor's Choice, News
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