The digital payments market is rising so quickly that businesses are becoming more and more cashless as days go by with the mobile payments sector expected to reach a staggering $3.8 trillion in 5 years time.
Like many industries, cryptocurrencies and the blockchain have a solid chance of disrupting and gaining a large share of this market.
Cryptocurrencies offer several advantages over traditional methods of exchanging fiat currency that include problems such as international transfers having absurd fees with slow transaction times.
Using cryptocurrencies allow these transactions to be made almost instantly with much lower costs.
However, many cryptocurrency users are more interested in the investing side of it instead of its potential uses.
It is understandable, though; in order for cryptocurrencies to gain mass adoption as a payment processor, it needs to be more accessible to the public and more similar to how cash is used in the real world.
Crypterium is a decentralized crypto-banking platform available to anyone.
The platform is built to offer the same financial services of banks and institutions but with a focus on cryptocurrencies instead.
Deeming itself as a leading crypto bank for the crypto-economy, Crypterium’s goal is to provide a fully integrated platform that takes and implements the best ideas from blockchain visionaries in the industry.
A unique feature of Crypterium is that it will provide instant processing for both cryptocurrency and fiat transactions; this is a relief for consumers as many of the current cryptocurrency processing platforms charge high fees and can have low limits to new users.
With Crypterium, there are zero transaction limits and commission charges are set at an all-time low which will allow users to pay with cryptocurrencies for regular goods and services globally.
Unlike many startups, Crypterium already has over 15,000 token holders from over 112 countries which shows the unlimited potential of the platform.
Crypterium aims to provide fully-fledged banking services to cryptocurrency users.
Some of the services provided on the platform include:
A fully integrated mobile cryptobank
Crypterium users have the luxury of enjoying a full suite of financial services like cryptocurrency payments, loyalty programs and cashback campaigns, contactless payments via ApplePay, AndroidPay, or even QR codes, and other banking services.
This gives users the ability to cryptocurrencies with smartphones–just like real cash.
Retailers don’t have to worry as they receive fiat currency automatically even if the user pays in crypto; the transaction will be processed instantly and offer cheaper commission rate than standard bank rates.
The process of using Crypterium is extremely simple.
All you have to do is to download the app, load your account, and you’ll be able to make purchases using the app as if you were using cash as you are given a virtual card immediately after registration.
The app also works on point of sale terminals in shops as the terminals treat the app like a traditional plastic debit or credit card.
An OpenAPI platform
Crypterium OpenAPI, which is a banking platform that enables developer solutions for a decentralized economy
The platform will have its own decentralized server infrastructure and third-party integrations with other services for developers interested in utilizing the platform.
The platform includes an app store for retail cryptocurrency software and solutions to generate an additional revenue stream.
Credit token exchange
There are no limitations in Crypterium’s cross-border transactions due to its decentralized nature.
Besides, users can expect native integrations with current credits scoring systems as well as a fully-fledged marketplace where you can exchange and trade derivatives.
Crypterium’s smart contract wallet is a one of its kind as it is fully certified according to PSI-DSS certifications. The multi-signature wallet also has features like managing your daily limits as well as real-time fraud monitoring which stops scams effectively.
The platform also offers technical and financial auditing to its users as an additional layer of trust and security. The contactless payment system mentioned earlier works in over 42 million shops worldwide with more being added constantly.
Users should note that the Crypterium virtual can be issued on multiple networks like Visa, Mastercard, and even AMEX without any issues. Integrations with PayPal, WeChat, and other payment platforms are also available for ease of use.
There is no need for currency exchanges or to convert your cryptocurrencies to cash as instant payments are available in fiat or cryptocurrency globally in the blink of an eye.
Crypterium uses two tokens in the platform: CRPT and CRED tokens.
CRPT is the main token on sale during the ICO, while CRED tokens are attained after the token sale–both of them with very different features.
CRPT token holders are incentivized as they get a cut of every customer transaction made on the Crypterium platform.
Each transaction is charged at a fair rate of 0.5%; commissions received by the platform are automatically used to purchase CRPT from exchanges and subsequently burned (removed from the token supply) which causes the value of CRPT to rise.
30% of the transaction revenue will then be used to reward CRPT token holders as well as active users on the platform.
How the distribution formula works is simple; the more tokens you own, the higher your membership tier will be and the more you’ll earn.
Users who hold over 25,000 CRPT tokens will have a Platinum stake which grants them a 50% of the cut of transaction revenue. Anything below that will be separated accordingly into different tiers with different reward structures.
CRED (credit subtoken) tokens are flexible in the sense that they give users the opportunity to create full-fledged banking structures and other interactions based on the Crypterium blockchain.
For example, users can obtain a Crypterium loan called that’s governed by smart contracts.
These smart contracts take account of the customer’s unique credit rating; a user-specific interest rate and contract conditions like collateral are then applied automatically–making the loan application process a breeze.
This loan can then be converted by the customer into a currency of his or her choice. Users don’t have to worry about liquidity as it is guaranteed by Crypterium which will use its capital to reduce volatility and adjust interest rates.
At the end of the loan period, the borrower must repay the loan including interest rates with CRED by purchasing the cryptocurrency from the platform’s token exchange.
After doing that, the borrower has settled his or her individual loans and the respective credit score will be adjusted for further loans.
Here are the details of the upcoming CRPT token sale:
Token name: CRPT
Token base: Ethereum (ERC-20 compliant)
Token supply: 300,000,000 (hard cap)
Token sale duration: 31st October, 2017 – 13th January, 2018 (tiered bonuses system)
Token sale target: $47,000,000
Token exchange rate: 0.0001 BTC = 1 CRPT