It is a a tangible proof to the versatility of the blockchain network that it has grown to encompass a functioning bank for the crypto community in the form of Crypterium.
Crypterium is a revolutionary open platform digital cryptocurrency bank with a credit subtoken. The company aspires to provide an easily accessible banking experience worldwide using the power of blockchain technology and their substantial experience in contactless mobile payment technologies. Crypterium plans to build an online crypto-bank that is readily accessible to it’s clients. The Crypto-bank platform is highly anticipated as it is designed to offer services just as conventional financial institutions, but rather than using fiat currencies, they will focus on cryptocurrencies. You can find out more about Crypterium on their website at Crypterium.io.
Crypterium will generate profits from merchants and not from the transactions of clients, this will make it a sustainable transaction-based business model. Crypterium aims to be a “leading crypto-bank for the crypto-economy.” According to their official website, the aim of Crypterium “is to provide a complete vertically integrated service that encompasses the best ideas from the entire community of the world’s best blockchain enthusiasts.” Crypterium is currently in the initial coin offering presales which started on October 31 and will plans to last through November.
How Crypterium is different from other cryptocurrency financial institutions?
The necessity for a cryptocurrency bank in the arose from the growing trend of cryptocurrencies which has led to a buildup of the crypto portfolio of users but with limited ways to spend, transfer and withdraw their cryptocurrency. Currently, majority of cryptocurrencies can only be used as a means of payment in a limited number of retail and service stores. It gets more complicated when crypto-holders try to convert them into traditional fiat like the USD ($) and British Pound (£) .. This can be an difficult and time consuming process.
Crypterium aims to simplify the process of converting cryptocurrency into fiat , so crypto-holders can shop and pay for goods and services with cryptocurrency, for example, it will now be possible buy the next iphone with a digital currencies like Ethereum and bitcoins, even though these shops does not traditionally accept digital currency. The Crypterium crypto-bank will also have a mobile app that will provide a set of payment services to its users, including virtual debit cards for online payment. This is made possible by partnering with banks and financial institutions on the Crypterium network. This way, all banking features are made available to its clients worldwide. Using this system, a client with access to the mobile bank can immediately convert a cryptocurrency into regular fiat currencies and vice versa.
The comprehensive Crypterium crypto-bank makes available access to all three categories of cryptocurrency wallets: bitcoin, altcoin (E.g Ethereum and Ripple) and digital assets. Anyone with access to the app can also have access to the initial coin offering tokens of outside projectss.
The Crypterium crypto-bank application is user friendly, registration is a straight forward process, once this is done, users can transfer their cryptocurrencies to the crypto-bank. The current balance will be displayed in fiat currencies, for example, USD, Euros, Pound, etc., at the current market and exchange rate. To make sure that transactions with cryptocurrencies in the retail sector and payment systems are smothly accomplished, clients will be issued a virtual debit card with their information. Once activated, the service is available to be used for instant transactions. This makes it possible to pay merchants through ordinary POS terminals and online retail sites that accept bank cards.
The future looks bright for Crypterium
Crypterium is currently in the middle of it’s token sales which began on October 31. Early investors will get bonuses ranging from 10% up to 40% for . However, tokens are still available for sale from November 28 to January 13, although with no bonuses.
Currently, 1 CRPT token is priced at 0.0001 BTC. The system is built so, at any point in time, the total maximum supply of CRPT tokens doesn’t exceed 300,000,000.
Link of interest:
Announcement Thread: https://bitcointalk.org/Crypterium