Place/Date: Estonia - October 11th, 2017 at 12:47 pm UTC · 4 min read
The Crypterium project has proposed a groundbreaking solution for the financial sector. Its blockchain mobile banking service resolves the existing difficulties in 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, a revolutionary infrastructure for cryptocurrency acquisition by businesses (including with the transfer of fiat currencies to sellers), and simplified procedures for receiving crypto loans, all while retaining open access to its cryptobank platform for outside developers.
“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. 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,” comments Vladimir Gorbunov, co-founder and creative director of Crypterium.
Customers download the Crypterium mobile bank to their smartphone and are instantly able to make payments. The application activates Crypterium’s own points of sale ecosystem, as well as Apple Pay, Samsung Pay or Android Pay. You either bring the telephone up to an ordinary POS terminal equipped with Mastercard PayPass, Visa payWave or UnionPay QuickPass, or swipe (display) the QR code, and the transaction is initiated. Crypterium then places a hold on the required amount on the customer’s cryptocurrency account, independently exchanges information on mutual settlements with the banks and ensures the immediate confirmation of the transaction. The entire operation takes no more than five seconds. And this transaction model is just the start for the bank. Crypterium intends to gradually transition other traditional banking capabilities for work with blockchain technology 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.”
Cryptobank Crypterium offers more than 20 innovative tools, including instant payments with no transaction limits, fiat and cryptocurrency exchange without hidden fees, 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.
Crypterium is a cryptobank founded in 2017 that plans to combine a mobile bank, cryptocurrency acquisition solutions for business, an OpenAPI cryptocurrency platform for developers, and the ability to receive decentralized crypto loans. Crypterium was founded by blockchain enthusiasts with extensive experience in the financial and banking industries: Steven Polyak, a highly experienced investment banker with his main focus of interest 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.