Crypterium is a platform which is designed to offer financial services similar to those provided by traditional financial institutions. But unlike traditional financial institutions they want to deliver support for cryptocurrencies. The platform hopes to be a leading cryptobank for the cryptocommunity.
The CEO of Crypterium Steven Parker is the former GM of VISA for Eastern and Southern Europe.
Traditional financial institutions are typically very slow with regard to processing transactions. Crypterium cryptobank allows instant processing of transactions for both fiat and cryptocurrency transactions. With Crypterium, you can use cryptocurrency to carry out fiat transactions with low commissions on 42 million terminals all over the world. Crypterium leverages cryptocurrency exchanges to find the best offer to carry out the transaction.
Behind every transaction is the Crypterium token (CRPT). CRPT tokens were initially made available through an ICO. 70% of the total CRPT supply was sold during the ICO while 30% was reserved for the project’s needs. No more tokens will ever be created.
After the ICO, CRPT became available on cryptocurrency exchanges. All users of the platform must hold the CRPT token. A fee of 0.5% of the value of the transaction is taken from the holder’s account. The CRPT token is an ERC20 Ethereum token. CRPT is called a burning token because when the fees are removed from the user’s account, there are actually taken out of circulation, i.e. the total circulation of CRPT in the world goes down. The burning rate is a function of demand, meaning that the tokens are burning at such a rate that they will not all be burned.
With the Crypterium wallet on the Crypterium app, you can send money around the world even if they don’t have a wallet. You can send money to the phone number and they will receive a text with a link to get the money from an automatically generated wallet. You can use the wallet to purchase digital assets from your bank account, receive, store, and send digital assets in seconds without the usually long wait for confirmations that direct users of cryptocurrency often experience. You can exchange currency at the best real-time rates. The wallet supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Crypterium (CRPT) with support for more coins on the way.
Once you store your digital assets in the Crypterium app, you can see the real-time value of it in various forms of fiat including U.S. dollar (USD), Euro (EUR), Japanese Yen (JPY), Australian dollar (AUD) and British pound (GBP). Crypterium believes that this method of sending digital assets will take cryptocurrency to the mainstream. The speed with which the transactions take place is due to them occurring off-chain. This allows them to overcome the high transaction demand that slows down the blockchain.
In 2019, Crypterium launched the first global cryptocurrency card. This card enables users to expand their cryptocurrency all over the world. In October 2019, Crypterium put a hold on all requests for new cards in preparation for a new card which would replace all existing cards and offer more reliable and feasible conditions to their new partner.
To obtain the card, you simply download the Crypterium app and load it with a supported currency from the Crypterium wallet. Once you do that, you are ready to initiate fiat or cryptocurrency transactions all over the world.
The Crypterium app lets you transfer money to any account with an IBAN number. Recipient name, IBAN number, Swift/BIC codes and the amount are all that’s needed to carry out a transaction. The time needed for delivery can vary depending upon the country, but they are usually processed within two days. An IBAN number is used for sending and receiving funds between international banks to make the identification of accounts much easier. Your IBAN number is part of your bank account data and is an alphanumeric code that’s 34 characters long. Some countries use a BIC or Swift code. This code can be either 8 or 11 digits long and is alphanumeric. You can pay any party whose recipient account has an IBAN number or who displays the BPAY logo (in Australia). The fees will depend on the exchange rate and will be displayed on the final confirmation screen.
Crypterium gives you the capability to level credits is Skype, Viber and Steam in less than a minute with vouchers. The company plans to make more vouchers in the future. AT&T, Verizon and T-Mobile are supported as well as many others. This works by letting you purchase a voucher in Bitcoin for the service which comes with a voucher code that you then paste in to activate. The same 0.5% fee applies to voucher purchases.
Crypterium was fully integrated with Binance Gen so holders of the CRPT token can take advantage of free token swaps that allows them to swap ERC tokens for BEP-2 tokens. These tokens let you trade on the Binance DEX decentralized trading platform.
Support for Bitcoin Cash and XRP (Ripple) was added in August. Crypterium continues to add new and exciting features like the capability to add minutes to your phone in many countries using cryptocurrency.
The ERC20 CRPT token is supported by the Ledger wallet like all ERC tokens. BEP-2 CRPT tokens are supported as well since the Binance Chain is compatible with Nano X and Nano S. The steps for adding ERC20 CRPT tokens to your Ledger wallet are as follows:
- Always update Ledger Live by clicking the notification banner or download the latest version.
- Install the latest version of the Ethereum app on your Ledger device.
- You click the “Update Now” link on the blue banner that appears at the top of the Account or Portfolio pages. On the dialog that pops up, click “Start Update” your accounts that require updates will be displayed.
- Connect your Ledger device, unlock it and access the Ethereum app and click “Continue.” You will be prompted to connect the device that contains the private key of the accounts, if any are stored on the device.
- To receive ERC20 tokens or ERC20-based CRPT, click on the “Receive” item on the left side of the page. You will be given an address that you can specify on the sending end of the transaction or you can send to someone else to send your funds. Once the transaction has been confirmed, your Ethereum can be viewed on the Accounts page, where you can click on “See Tokens.”
How to Buy Crypterium Coins
KuCoin is a cryptocurrency exchange that sells CRPT tokens and also allows U.S. citizens to trade. Both CRPT/BTC and CRPT/ETH are available to trade.
- Sign up for an account on Kucoin or log in if you already have an account.
- Once you log in, you will see a main account and a trading account. In order to trade, you will need funds in your trading account. If you already have some, you are ready to go, but even if will need to transfer some from your main account.
- If you don’t have funds in your main account to transfer, you will need to deposit some by sending it from another exchange or by purchasing cryptocurrency on the site itself directly to transfer funds from your main account to your trading account click the “Transfer” and specify the direction as main account to trading account. Specify the coin and the amount to transfer and click Confirm and you are done.
- Clicking “Spot” at the top of any page will bring up the trading interface. You may be asked for your trading password.
- Enter CRPT in the search box and you will see the two pairs available. You will need the base currency in your trading account in order to buy CRPT. For example, you will need BTC in order to buy CRPT/BTC and you will need ETH to buy CRPT/ETH.
- Select the pair you want to purchase and use the bottom portion of the page to complete your trades. You can do a limit order, market order, stop limit or stop order. For the purposes of this example we will be performing a market order. This type of order gives you the best price available at the time the trade is place. Simply enter the amount you want to buy in base currency and click the “Buy CRPT” button.
- After you have the specified funds in your trading account, you should now have the equivalent amount of CRPT to your base currency. You can view your balance in CRPT by clicking on the KuCoin logo at the top left of the page and then hover over “Assets” and click “Overview”. Your current assets should show your balance of CRPT that you just bought.
Crypterium Project’s Adherence to Roadmap
Sometime before 2018, the Crypterium project had a new comprehensive roadmap. Now it is difficult to find one at all. Crypterium says on the Twitter account that they felt that the roadmap confused the message of being a rolling cryptobank. Crypterium does seem to add new features and releases constantly.
The Crypterium card is held by over 10,000 customers. Despite this, the company put a hold on new card holders and implemented a brand new card that they believe addressed the shortcomings of the old card. The new cards took longer than expected by they were finally sent to existing cardholders. The rollout of the new cards began with virtual cards tied to a mobile phone number. When these new virtual cards were activated, Crypterium transferred the old card balance to the new. Physical cards were sent afterwards, with improvements in speed and service over the old cards.
Crypterium seeks to be a bridge between the cryptocurrency world and the fiat world. And it has the bank infrastructure in place to make it a reality in much of the world.