Saturday, December 30, 2017

Amazing Apps: Crypterium

I recently heard about Crypterium, a mobile bank for cryptocurrency. I don't really know much about cryptocurrency, so I was able to do an interview to learn more.

What is leading to the rise in virtual currencies and non-traditional banking platforms?
A cryptobank is a new kind of bank that provides the same type of services as a traditional high street bank, but with cryptoassets such as a cryptocurrencies and tokens rather than everyday money we are used to seeing today (often referred to as fiat money). Cryptobanks provide a service-payment infrastructure; a communication between the crypto-world and the fiat-world, opening up an opportunity for users to pay in cryptoassets, and the merchant to receive funds fiat money for services such as telephone, utilities, penalties, loans, taxes, internet, and so on. In simple terms, a cryptobank enables you to spend cryptocurrency in the real world.

What is Crypterium and how does it work?

Crypterium is revolutionary digital mobile cryptobank. Crypterium is aiming on provision of comprehensive vertical integrated services, considering collaboration with other cryptocurrency solutions and teams of blockchain enthusiasts. Crypterium is a digital cryptobank that allows users to pay with cryptocurrency in 42 million stores worldwide. It operates without a physical card, limits or even commission. The underlying goal of this project is to provide an accessible blockchain-based payment system worldwide.

Although Crypterium appears to be similar to other cryptobanks, it has invested heavily in contactless mobile payment technologies. Clearly, the organization believes that plastic cards have no place in the future. Rather than wait for a plastic card to arrive in the mail, users can begin transacting on the platform immediately after installation. The company’s business model is focused on transactions whereby every merchant pays Crypterium a portion of its settlement. Therefore, users are not required to pay to use the platform. Crypterium features include:

Smart contract wallet
PSI-DSS certification
Manageable daily limits
Multi-sig wallet
Real-time fraud monitoring
Technical and financial auditing
Contactless payment cards available at 42 million shops worldwide
No need for currency exchanges – instant payments are available in fiat money or cryptocurrency anywhere in the world
The opportunity to issue a virtual card on multiple credit card networks, including American Express, Visa, MasterCard, and Union Pay
Integrations with payment platforms like PayPal, WeChat, Gyft, and others
An emphasis on contactless payments, including ApplePay, SamsungPay, AndroidPay, and QR code mechanisms, among others
Crypterium OpenAPI, which is a banking platform that enables developer solutions for a decentralized economy

What benefits does it have over traditional banks?
The main purpose of digital wallets is the transfer and storage of crypto assets. Like a savings account but with no interest, or the transfer from one crypto wallet to another crypto wallet. Crypterium’s Cryptobank offers so much more. As well as enabling the spending of the wallet’s digital assets though the crypto2fiat exchange it provides a wide range of additional important banking services such as asset currency exchange, lending, cross border payments and acquiring services (the ability for a merchant to receive a payment other than cash) for companies based on our own payment infrastructure. We also provide access for developers to our crypto-payment infrastructure through the open platform OpenAPI.

Many members of the Crypterium management team are highly experienced digital payment professionals coming from some of the most innovative Fintech sectors in Europe and having spent the better part of 10 years developing digital payment and banking solutions. This team is supported by experienced financial professionals and experienced C level executives who have worked in several different markets and countries.
When combined, the team has attracted more than $50 million in investments toward fintech projects they have been responsible for creating and developing, including PayQR (Russia’s leading independent contactless payment platform – see further comment below), Workle (a digital sales platform that has over 1.5 million independent users selling everything from credit cards to security alarms) and Bonus Club (a digital loyalty program that is integrated into leading publishers’ websites).

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