Worldwide, various banks are working on all kinds of blockchain-projects. Their fear is that this technology can seriously disrupt the market of banking. Crypterium wants to give that development an extra boost and become the first real crypto-bank. To support this ambition, she organizes an ICO.
What is Crypterium?
On its website Crypterium is making firm statements about how their team thinks the financial world will look like in the future: “In 8 years’ time, the crypto-economy will exceed 10 trillion dollars. Cryptobanks will become a cornerstone in the relations between decentralized economy and future daily life by expanding payment infrastructure and possibilities, creating new cryptocurrency payments scenarios and lowering interest rates. Crypterium is a cryptobank creating the future, today.”
Crypterium wants to play an important role in this future. In its whitepaper, the company explains how it intends to do this: “The Crypterium Cryptobank will be a first step in satisfying this demand. It will be made available for download via the IOS or android marketplace and is planning to be ready-to-use on mobile devices immediately. Unlike conventional mobile banks that take weeks to process and issue cards, the Crypterium Cryptobank provides an instant processing engine for both fiat and crypto based currency transactions while enabling inter-changeability between the two. With Crypterium’s digital bank customers will finally be able to use cryptocurrencies to pay for fiat based goods without transaction limits and with low commission on any of the world’s existing 42 million payment terminals and many internet stores and payment points.”
In short: Crypterium wants to become a fully-fledged cryptobank. The company’s strategy is based on four pillars. Firstly, the bank wants to make it possible to pay with your cryptocurrency at 42 million payment points. At the same time, it wants to make it easier for retailers to accept payments with cryptocurrency. The third pillar is facilitating the borrowing of money through cryptocurrency. Finally, Crypterium wants to open up its technology via an API to other developers. This should speed up the integration of applications build by other parties.
What can you do with the token?
Crypterium introduces the CRPT. This token is the central currency of the Crypterium ecosystem. Anyone who wants to make a transaction through this bank will need CRPT to complete it. The company also wants to make it possible to trade the currency through exchanges. In order for the currency to increase in value, 0.5% of each transaction is destroyed in CRPT. In addition, the crypto bank sets up a loyalty fund. Thirty percent of the revenues from transactions is redistributed among owners and users of the tokens. The distribution of that fund is based on the number of transactions that a person has made through the bank.
What does the roadmap look like?
Using another company name, Crypterium has a history in contactless payment and has been working on this since 2013. This cryptobank is a new product for them and will be developed after this ICO. A global roadmap can be found on the company’s website. According to this roadmap, there will be worked on the development of the cryptobank until the end of next year. The API platform should go live halfway next year.
Why this ICO?
The CRPT plays a central role in the ecosystem of Crypterium and must therefore be issued. In addition, a lot of money is needed for the development of the cryptobank. According to the website, the size of that development also depends on the yield of this ICO. With a yield of 8 million, the development of the banking product is started, but for the development of the API part, for example, 34.5 million dollars is needed.
What are the details of this ICO?
|Total coins issued||300,000,000 CRPT|
|Coins at sale
||Maximum cap is 47 million dollars|
|Price||1 CRTP costs 0.0001 BTC|
|Bonus||Yes. The maximum bonus is 15%. This decreases to 0% during the ICO.|
|Dividend||30% of the income from transactions is redistributed through a loyalty program.|
In the video below, the team at Crypterium explains how the concept works.
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