Are you staying clear of the recent blockchain phenomena because it’s just too complicated? Can you not even comprehend a future where paper money isn’t the standard because you don’t see digital currencies as user friendly? This blockchain and crypto startup is here to hush away your apprehensions about cryptocurrencies. Crypterium comes with an aim to prove that the world of crypto is not just limited to tech savvy individuals.
Crypterium’s goal is to enable our customers use their cryptocurrency in a real-world environment, and by that I mean to go to Starbucks and buy a coffee with any of their crypto
Says Austin Kimm, COO of Crypterium.
A future with cryptocurrencies being used by mainstream everyday users, just like paper money, might seem distant, but Crypterium is working towards that future with their Crypterium app.
The app is making cryptocurrencies part of the everyday life by turning token and coins into money that can be spent anywhere in the world at any given time. However, providing cryptocurrencies in this particular way requires a dedicated crypto banking services. According to its whitepaper,
Only once a person is able to use cryptocurrency in the same way that they use any other currency, will all of the benefits of cryptocurrency, such as lower transaction costs, speed of payment, and so on, become real.
Problems facing cryptos
At the moment the crypto world is facing two important problems that need to be solved. First is related to when users want to transfer coins and tokens. As of now a long code, which is the wallet address, is required to send funds. The code is prone to errors while being copy pasted, which comes at the cost of the funds being lost forever.
Furthermore, there are special hacker apps that alter the address of the wallets when they are being copied, which again means the loss of funds.
The second problem is the time-consuming transaction process. Almost all the cryptocurrencies take minutes, if not hours, to be processed. Users have to deal with a congested network every often. But if the network were to run smoothly, transactions would take mere minutes to be processed.
Crypyterium has taken upon itself to solve these problems.
Firstly, There is no need to copy the recipient’s wallet address. You just need to know the person’s phone number. Send crypto to your mom, your friend, your ex-girlfriend in France. They will get the money even if they don’t have any crypto wallets. Once the transaction is processed, they’ll get an SMS with a link to get their crypto with some very clear instructions on what they can do with it.
Secondly, the purpose of using cryptocurrencies will be achieved only when the users can make transactions at a speed like never before. This has become possible because all transfers are done off-chain. When the user wants to spend the coins externally, the money is withdrawn from the sender’s wallet inside Crypterium. While not spent, all the transactions are written in the system, make the transfer the fastest of all.
We have analyzed the most popular crypto wallets in the market, and none of them offer anything like it, though it sounds so exciting
Says CEO Marc O’Brien, who was the former CEO of Visa UK.
Earlier in April it was revealed that, 500 million Europeans would soon be able to use Crypterium digital wallets at any contactless payment terminals within Europe, as well as world’s 42 million terminals as they traveled the globe.
This was the outcome of the strategic partnership Crypterium and World Capacity Builders (WCB) , which is a British Columbian company with international partnerships in the Fintech industry.
Our partnership with WCB is the first step, there’s more to come. For example, we’re partnering with companies to work with Chinese citizens outside China and then, hopefully, inside China. And we’ve also struck alliances with quite a large number of dedicated payment solutions right across Asia, one of which alone has over 500,000 payment terminals
Kimm further added.
The Crypterium leadership has spent the best part of 10 years developing digital payment and banking solutions.