It is estimated that in a few years the cryptoeconomy will exceed 10 trillion dollars. The cryptobanks will become a cornerstone in the relationship between the decentralized economy and future daily life by expanding the payment infrastructure and creating new cryptocurrency payment scenarios and reducing interest rates. Crypterium is a cryptobank in every sense of the word that aims to create that future and we will talk about it on this occasion.
Crypterium raises the possibility of a bank for all, within reach of the possibilities of a smartphone: payments, transfers, currency exchange, instant loans. The great objective: that the user replace his bank. Crypterium proposes among others, the following advantages:
- No more waiting times for your virtual card to be issued. The user will get his virtual card right after registration.
- No limits on transaction volume. This point is one of the most outstanding, they hold very seriously that there will be no limits on transaction amounts.
- No need for currency exchanges. Instant payments in money or international cryptocurrencies.
- Integration with payment portfolios or third-party services (PayPal, Gyft, WeChat, Alipay, PayTM)
- Loyalty and cash return programs for each transaction, greater return of money for the cardholders.
The Crypterium technology platform is based on algorithms that ensure the most efficient comparison of offers in natural peer-to-peer flow, as well as in third-party encryption exchanges. All historical transactions are stored in dedicated data repositories that continuously analyze this data to improve risk management and identify predictive behaviors, and in turn allow Crypterium to optimize the cryptocurrency exchange process and educate the client about possible payment strategies. In other words, every effort is made to ensure that the customer gets the best offer.
Credit subtoken (CRED) provides the opportunity to create a complete bank structure and interest interactions based on blockchain.
The people of Crypterium have divided into several phases their plan of action to make all this possible:
Part 1. The beginning
Its main objective after the end of the ICO is to launch the first version of the cryptobank. The actual results of ICO do not really matter. A good result will surely help a lot, but nothing will prevent us from developing the Crypterium application.
For the first interactions, the application will run in test mode. At the beginning, users will have an encryption account (with the opportunity to link a fiduciary account) and they will be offered a profitable exchange rate along with access to the payment system.
Part 2. The acquisition system
The plan is to begin by testing the algorithms and applying them to small shopping and e-commerce sites. Next, they will move on to NFC solutions for business owners.
Part 3. The credit system
Now this is the hardest part: build a credit system that is simple, efficient and easy to understand. They are planning to issue a credit token that can lend money for a limited period of time and exchange for any currency. There will be a certain interest rate, but not as high as in traditional banks.
Part 4. Long-term plans
He does not intend to become another intermediary who simply moves his money from one place to another.
The goal of Crypterium is to become much more than that: they want to take the concept of a traditional bank and make it better, faster and smarter in every way possible. This can be done through the use of cryptocurrencies, and they will make the most of this opportunity.
How will the credit function in CRED tokens?
A client obtains a loan in CRED tokens. The client then converts the loan into a currency of his choice in a specific currency exchange within Crypterium. At the end of the loan period, the borrower must pay in CRED, including interest, to complete his repayment obligations and modify his credit score for future loan applications. In their technical document (https://crypterium.io/wp) you can find a complete 6-step CRED diagram. The sale of the token begins on October 31, 2017 and ends on January 13 (or earlier, if the token emission limit is reached).