The Crypterium cryptocurrency banking platform has come up with a universal solution to ensure interchangeability between cryptocurrencies and fiat currencies, and plans to make the use of cryptocurrencies for everyday purchases a reality. Once a stumbling block to the development of the cryptoeconomy, real-world application of cryptocurrencies is possible thanks to the cryptobank’s integrated blockchain crypto and fiat currency service and payment infrastructure and its compatibility with existing near field communications and contactless payment systems. But Crypterium is not stopping there. The company also plans to gradually introduce other traditional banking services such as lending, cross-border transactions and peer-to-peer payments in the near future.
The Crypterium management team includes professionals with nearly ten years of experience in developing digital payment and banking solutions. The cryptobank is a leader in QR code payment systems, having developed one of the most successful QR payment platforms, PayQR. The company began commercial operations in 2015, and was singled out as one of the 50 startups with international potential. It plans to unite the functionality of a mobile bank, cryptocurrency purchase and sale solutions for business, and a system for issuing crypto loans under the Crypterium cryptobank, which is based on an OpenAPI platform for developers.
At present, cryptocurrencies cannot be used to make routine, day-to-day purchases, because conversion takes too long. No one has the time or is willing to wait hours to purchase their morning coffee or a quick meal. What is needed is a system that makes these payments instantaneous. According to Vladimir Gorbunov, co-founder and creative director of Crypterium, that is exactly what the cryptobank provides. “We are offering a system that transforms hours of waiting into five seconds, with no daily limits and no need to wait several weeks for a plastic card to be issued,” he says. The cryptobank has developed a solution that can work with existing POS contactless infrastructure or act as a replacement where this infrastructure is missing. All customers need to do is download the Crypterium App on their smartphones and other mobile devices, and they can start making payments. They bring their smartphone up to a POS terminal or scan the QR code, and Crypterium does the rest. In a matter of seconds, the cryptobank performs all the required financial operations and settlements and sends confirmation of the transaction. The solution works for merchants as well. The app makes it possible for any internet store to display a QR code that can be scanned by Crypterium mobile bank customers to make payments using cryptocurrencies.
Crypterium also means to implement a stage-by-stage introduction of other traditional banking services to the platform. “Cryptocurrencies are capturing an increasing market share relative to fiat currencies,” comments Steven Polyak, managing director and co-founder of Crypterium. “The appearance of a global cryptoeconomy is rapidly approaching.” The company feels that cryptocurrency lending is one of the most promising areas for cryptobanks, and plans to start issuing micro-loans using its own cryptocurrency. These are short-term loans issued based on an individual risk assessment. Crypterium believes that everyone should have the ability to borrow money on a level playing field, regardless of where they live or what currency they use. The loans issued by the cryptobank will be based on a smart contract that sets individual lending terms and interest rates for each borrower. The Crypterium cryptocurrency can be converted instantly into any fiat currency using the company’s internal exchange. The borrower uses this same exchange to repay the loan, by purchasing tokens. This constant conversion back and forth between cryptocurrencies to fiat currencies creates demand-driven value for the tokens.
The emergence of the cryptoeconomy requires new banking solutions. Cryptobank Crypterium offers a host of tools to connect today’s financial landscape with the landscape of the future. Using its OpenAPI platform, Crypterium provides customers with purchase and sale capabilities in both fiat and cryptocurrencies, with no transaction limits or hidden fees. CrypteriumSX (Smart Exchange) technology allows the cryptobank to provide the best exchange rate available for these transactions. Crypterium works seamlessly with existing POS and contactless terminals. It also envisages personalized lending that eliminates extraneous risk criteria like country and currency risk. The tokens received through a loan can be converted into any currency, at the borrower’s discretion. Loan repayment through the purchase of more tokens creates demand for the tokens, thereby increasing their value. The blockchain bank’s digital smart contracts also facilitate cross-border transactions.