In a Nutshell: Crypterium provides software-as-a-solution fintech products to cryptocurrency holders. Its Wallet allows consumers to hold, trade, and transfer at least 17 types of cryptocurrencies. It also offers a Visa prepaid card that work with its Wallet for shopping, ATM usage, and more. The company’s products lead the industry for ease of use at a low price.
If you own or trade cryptocurrencies, you know you can’t store them in a bank account. Instead, you use an electronic wallet, which is an account that interfaces with crypto blockchains. A number of crypto wallets are available, but many are complex to use and not intuitive — the wallet offered by Crypterium is second to none for functionality, versatility, ease of use, and value.
Crypterium is both a company and a cryptocurrency.
Crypterium the company launched in 2013 and released a mobile payment solution built on QR code scanning. By 2015, it had formed more than 300 partnerships with e-commerce retail service providers.
The next goal was to develop a mobile digital bank, or crypto wallet, with cryptocurrencies at the center. Crypterium released its wallet in 2018 and has so far attracted more than 500,000 users worldwide.
“One of the key things about Crypterium is that we are really global,” says Steven Parker, CEO of Crypterium. “We have customers in about 180 countries, including the United States, Brazil, the United Kingdom, Germany, Russia, South Africa, India, and Australia. We’re unlike most other crypto offerings — we started off global, and I think that’s one of our key strengths.”
Crypterium the cryptocurrency (CRPT) resulted from a phenomenally successful initial coin offering (ICO) in 2017 and is now among the top 100 digital currencies. The proceeds from the ICO helped finance the launch of the Crypterium Wallet. CRPT trades on a few exchanges as a utility token (its main use is tied to the Crypterium Wallet) rather than as an exchange token.
The primary mission of Crypterium is to produce cryptocurrency tools that are extremely easy to use. The Crypterium Wallet mobile app is just that, with a friendly user interface and loads of functionality that supports buying, selling, storing, exchanging, spending, and sending cryptocurrencies. The Wallet currently supports 17 currencies, and new ones are continually being added.
Crypterium tools allow consumers to use digital currencies with the same ease as fiat currencies such as the dollar and the euro. The Wallet lets cryptocurrency holders engage in all crypto-to-fiat and crypto-to-crypto services without the need for another app.
The Crypterium Wallet allows you to buy and exchange cryptocurrencies at the best market rates and with bank-level security. You can purchase cryptocurrencies using any traditional Visa or Mastercard bank card.
With the Wallet, you can spend your crypto assets by transferring them to your Crypterium Visa card, without any exchange hassles. In addition, you can transfer your money in seconds to any mobile number across the globe. The recipient opens a link that automatically provides them with a Crypterium Wallet.
The structure of the Crypterium Wallet cleverly decreases the supply of CRPT tokens, which helps to support the cryptocurrency’s value and allows customers to share in its success. The idea is straightforward: to burn CRPT as “fuel.” This means that CRPT tokens in the Wallet are used to pay for any commissions arising from cryptocurrency transactions.
“The more the app is used, the more tokens get burned and the scarcer they become, potentially helping the value of Crypterium tokens to go higher,” explained Parker. “Our disciplined approach, following the initial coin offering, has allowed us to really follow the road map that we set out in our 2017 White Paper. This was one of our value propositions in which the funds from the ICO were used to help create Crypterium, while the subsequent success of the business has helped the CRPT token to increase its value.”
All cryptocurrencies have had to face challenges that have hindered mainstream acceptance. Part of the problem has been little or no regulation in many markets, creating an atmosphere of uncertainty. In short, many consumers feel that they are not yet ready to use cryptocurrencies.
“A study from a couple of years ago found that about 6% to 10% of consumers were able and willing to use cryptocurrencies,” said Parker. “If you take the U.K. for example, the Financial Conduct Authority (FCA) recently did some research and found that you still have only 3% of consumers actually buying cryptocurrency in any shape or form. So, I think it’s not there yet, as people perceive a volatile investment that they don’t see as an everyday means of payment.”
Countering this perception is the increasing government regulation of cryptocurrencies, which should increase the popularity of digital assets. More regulation should also make it easier for crypto companies to operate because it will reassure the risk-averse players in mainstream financial services to better cooperate and work with crypto companies.
Currently, the big U.K. and U.S. banks do not allow any sort of cryptocurrency to be used to open a bank account. Therefore, it’s difficult for any crypto company to get a hold of mainstream banking services for its customers.
“It has become a bit easier over the last year as regulation has come in,” said Parker. “And it means that the risk-averse players are now more open to working with crypto companies.”
To that end, Crypterium is undergoing registration with the FCA, the Financial Conduct Authority, in the United Kingdom. The FCA is a leading crypto regulator in global markets. Crypterium should benefit from registering with the FCA, together with its existing licenses in Estonia, as it works to reduce the perception of risk.
In 2019, Crypterium launched a UnionPay card tied to the Wallet. The card acts just like a normal prepaid card, allowing users to pay for purchases, withdraw cash from 40 million terminals worldwide, and send digital currencies anywhere.
“We have about 30,000 cardholders,” said Parker. “The card is primarily for Asia-Pacific customers. We’re gradually increasing our Crypterium Card coverage, first in Europe with a new Visa card, which we have recently launched and we are in advanced discussions for a Visa card in the United States.”
The company received an excellent response to the new Visa Europe card, with over 130,000 queries of interest.
“I have to say that Visa has been extraordinarily helpful to us as we onboard our app,” said Parker. “We’re especially delighted that we can be part of their fast-track program for Visa in the United States.”
Crypterium has several new initiatives in the works. It’s about to launch a savings product in which users earn interest on the crypto in their Wallets. Later in 2020, the company is also adding new functionality to the Wallet to allow consumers to use cryptocurrency as loan collateral.
Another exciting innovation being planned is to add fiat currencies into the Wallet through outsourcing to a reputable provider with the existing licenses. This is a standard model in the fintech industry, used by even large players such as Revolut. Crypterium will use outsourced parties to house its fiat currencies from around the world. This will help provide customers with much broader functionality and convenience, as well as full security, while helping Crypterium increase revenues.
Looking forward, members of the crypto ecosystem, (e.g., crypto miners, online crypto news publishers, etc.), will soon be able to add a Crypterium widget to their websites that allow customers to access and use a white-label version of the Crypterium Wallet. Crypterium will also be able to offer white-label payment cards to crypto companies, a move that should significantly increase transaction volumes and build on Crypterium’s scalable solutions.
“At the moment, we’re looking more at the companies with a crypto ecosystem and who are open to crypto,” said Parker. “But in theory, any business can enable its customers to access a wallet on their site.”