Crypterium is developing a mobile application enabling instant payments in cryptocurrencies with the help of technologies that are already well-known by the mass audience, i.e. NFC terminals and QR codes. The protocol is based on the algorithm Ethash.
The organization behind the project is a London-based startup founded by former Visa executive Steven Parker. The company started its activity on October 16, 2017. Being a digital mobile crypto bank, the platform provides comprehensive vertically integrated services. It has created a mobile app to facilitate cryptocurrency usage in everyday life. Users can open savings accounts, top-up their phones, and order crypto cards on-the-go. At the time of writing, there are already more than 500,000 registered users according to the company’s announcement. One of the company’s advisors is Keith Teare, the co-founder of TechCrunch.
The platform was developed to satisfy the growing demand for digital assets. All cryptocurrency holders are aware that it’s a messy process to cash out. The company decided to make this stage smooth and effortless. The key goal pursued is to make cryptocurrency purchases an everyday routine for thousands of crypto holders throughout the world.
The founders don’t like the fact that crypto cards are available only in specific regions or countries. The main players of the cryptocurrency market are focusing on developed countries, while the rest encounter problems with it. The company aims to create a one-stop solution to meet all crypto-related needs of any person.
The Crypterium technology
Crypterium uses the interbank direct payment protocol that the company started developing in 2017 to lower transaction fees. Each user is assigned with a unique Crypterium ID number that is used for sending off-chain transactions in supported cryptocurrencies. The company uses NFC HCE (host card emulation) protocols to tokenize the data on the virtual payment.
CRPT utility token is the core of all transactions performed on the Crypterium banking platform. CRPT is not a mineable platform token. When payment is made, a fee equal to 0.5% of the value is taken from the customer’s account and burned.
The products of the company include a Mobile cryptocurrency wallet, which is a hosted wallet (no need to control the private key). The wallet supports BTC, ETH, LTC, CRPT, and a stable coin USDC. The company plans to add more cryptocurrencies with time. CRPT is the fuel for all crypto-fiat transactions available on the Crypterium Wallet.
Also, the company has developed Crypterium SX, an app with a powerful engine enabling integrations with the world’s top exchanges to deliver the best exchange rate for transactions. Crypterium offers banking services, so it’s possible to transfer funds to other users with its help.
One of the app’s benefits is the capability to send cryptocurrency knowing only the recipient’s phone number. The other party just gets the SMS with the link for downloading the app and setting up an account within the system. After the procedure is complete, the funds appear within the person’s account. It’s an easy and efficient way to promote crypto payments. The best thing is that such transactions are free so it can become a viral way to invite users to the world of cryptocurrencies.
In June 2019, the first version of the Crypterium Card was launched. This is a prepaid UnionPay card linked to the Crypterium wallet which can be used wherever cards are accepted. When the product was launched, there was an overwhelming demand for it. The company received 4,000 orders from 70 countries around the world. Not everything was flawless in the beginning. The banks started pressing the customers with high rates for foreign transactions, and many top-up operations were postponed. Besides, numerous transactions were blocked. Therefore, the company started looking for better partners to handle orders without problems.
To correct the situation, a faster and more flexible solution was developed, Crypterium Card 2.0. The card is available in a digital version so as not to make users wait for delivery.
After issuing a virtual card, users have the opportunity of binding it to their cryptocurrency account. It can also be linked to Apple Pay, Android Pay, Samsung Pay to pay with cryptocurrency everywhere.
The company assures that there is no other card that combines such a unique set of characteristics as theirs. Prepaid Crypterium card is used for online and offline transactions and to withdraw money from ATMs. One should purchase vouchers and mobile top-up to replenish the account in over 100 countries.
There is no charge for transactions. The only fee of 1.5% is taken away when a user adds prepaid funds. The person should stay within the frames of the daily and monthly limits: 10,000 US dollars and 60,000 US dollars correspondingly.
During the ICO that took place on December 5, 2017, the team raised 51,600,000 US dollars which exceeded the hard cap of 47 million US dollars. The total supply of tokens is technically limited by 300 million CRPT. After the ICO, all unsold and unallocated tokens were destroyed.
Distribution of tokens
Contributors get 70% of tokens, 15% goes to the reserved fund (spent on marketing and other activities), 9% - to the founders and team, 3% of tokens - allocated to the advisors, the rest 3% fuels bounty campaigns.
It is possible to buy the token at Kucoin and Binance Dex. The coin is launched as an ERC20 token, but Binance Dex refers to it as BEP-2 token. One can store CRPT in MyEtherWallet and any other Ethereum-compatible wallets such as Coinomi and Exodus. Good hardware alternatives are Keepkey, Ledger Nano S and Trezor.
The Crypterium team
The company was founded by Vladimir Gorbunov and Gleb Markov, who previously launched PayQR (in 2013), a Cyprus-based company aiming to establish a contactless payment platform for any smartphone.
Apart from Steven Parker mentioned earlier, another co-founder is Austin Kimm, formerly working as CEO of Renaissance Life and Pensions and CEO of Renaissance Insurance Group.
After the development of the first mobile payment service based on QR scanning, the company concluded over 300 partnerships with e-commerce retail services in Eastern Europe. In July 2019 Crypterium launched a Joint Venture with PAXNet, a leading South Korean financial institution, thus expanding to the Asian region.